Chase Escapes Claims In Flood Insurance Kickback Suit

Law360, Washington (March 08, 2012, 4:45 PM ET) -- A Florida federal judge on Wednesday partially junked a class action alleging JPMorgan Chase Bank NA took improper kickbacks from American Security Insurance Co. in forcing mortgage customers to buy high-premium flood insurance policies, but granted leave to amend some claims.

U.S. District Judge Virginia M. Hernandez Covington permanently dismissed Ruth Gordon and Anthony Arango's claims for conversion and unjust enrichment, but preserved their claims for unconscionability and breach of fiduciary duty. The borrowers alleged Chase has an exploitative and self-dealing relationship with ASIC, and are...
To view the full article, take a free trial now.
Try Law360 for free for seven days
Already a subscriber? Click here to login

Already have access?

  1. Forgot your password?
  2. Sign In

Get instant access to the one-stop news source for business lawyers