JPMorgan Sold Insurance Without Customer Consent: Suit

Law360, New York (November 8, 2011, 9:57 PM EST) -- JPMorgan Chase & Co. was hit with a putative class action Tuesday in California federal court accusing the banking giant of fraudulently selling insurance policies to its customers without their permission and deducting the policies' costs from their bank accounts.

Named plaintiff Anthony Santiago claims JPMorgan sold him an accident insurance policy issued by the National Union Fire Insurance Co. — a unit of American International Group Inc. — in March 2009 without his consent or any prior notice or disclosure. JPMorgan provided Santiago with one...
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