Judge Asked To OK Deal Over HSBC Force-Placed Policies

Law360, Los Angeles (February 28, 2014, 8:29 PM EST) -- Homeowners who claim they were overcharged for force-placed insurance asked a Florida federal judge Friday to preliminarily approve a settlement that provides "a significant monetary award" to homeowners and $10 million in attorneys' fees in a class action against HSBC Bank USA BA.

The motion doesn't specify the amount of the recently announced settlement but says the defendants, which also include Assurant Inc., will pay cash refunds of 13 percent of the net annual premium to class members who paid their premiums.

The putative class consists...
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