Class Certified In Wells Fargo Insurance Kickback Suit

Law360, New York (February 23, 2012, 5:42 PM EST) -- 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...
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