US Bank Forced Excessive Policies On Homeowners: Suit

Law360, New York (November 3, 2011, 1:58 PM EDT) -- A condominium owner launched a class action in Minnesota on Wednesday accusing U.S. Bank NA of knowingly forcing him to buy more flood insurance than is required under his mortgage agreement or federal law.

The National Flood Insurance Act governs flood-prone properties that secure a loan. It mandates that such properties be insured by a policy that is worth, at a minimum, the loan's outstanding principal balance or the maximum coverage limit available under the law, whichever is less, according to a complaint filed by plaintiff...
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