JPMorgan Settles Action Over Forced Insurance Policies

Law360, New York (March 22, 2012, 12:11 PM EDT) -- JPMorgan Chase & Co. settled a putative class action Wednesday in California federal court that accused the banking giant of fraudulently selling insurance policies to its customers without their permission and deducting the policies’ costs from their bank accounts.

U.S. District Judge Cathy Ann Bencivengo dismissed the suit following the parties’ joint request for dismissal filed last week. Details of the settlement were unavailable.

A JPMorgan spokesman declined to comment Thursday, and an attorney for the plaintiff could not immediately be reached for comment.

Named plaintiff...
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