Mortgage Insurers Can't Dodge JPMorgan Kickback Suit

Law360, New York (May 8, 2012, 12:04 PM EDT) -- A California federal judge refused Monday to dismiss four mortgage insurers from a putative class action alleging they took part in a kickback scheme with JPMorgan Chase Bank NA, but put the suit on hold until the U.S. Supreme Court rules in a similar case.

U.S. District Judge Virginia A. Phillips denied a motion to dismiss by Mortgage Guaranty Insurance Corp., PMI Mortgage Insurance Co., Radian Guaranty Inc. and Triad Guaranty Insurance Corp. The insurers allegedly received customer referrals from JPMorgan, which in turn required them...
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