Class Certified In Wells Fargo Insurance Kickback Suit

Law360, New York (February 23, 2012, 5:42 PM ET) -- A Florida federal judge on Tuesday certified a class of homeowners in a suit alleging that Wells Fargo Bank NA received kickbacks from QBE Specialty Insurance Co. as part of a scheme to force mortgage holders to buy property insurance at inflated rates.

The suit accuses Wells Fargo and QBE of colluding to bump up premiums charged to homeowners on force-placed insurance policies, in which the bank forcibly enrolls borrowers in home hazard insurance if their existing policies lapse, according to the complaint.

U.S. District Judge...
To view the full article, register now.