Capital One Netted $5M In Force-Placed Insurance Scheme: Suit
Law360, New York (September 13, 2012, 5:55 PM EDT) -- Capital One Bank NA exploited home mortgage customers by forcing them to upgrade their already adequate home insurance policies and pocketing more than $5 million through an illegal kickback scheme, a former customer alleges in a proposed class action filed Tuesday in Washington state.
Plaintiff George P. Klika claims Capital One mischaracterized the upgraded policies as necessary to protect its interest in homeowners' properties when in reality the bank conspired with third party insurers to funnel money to the bank in violation of federal laws.
Klika brought suit under the federal Racketeer Influenced and Corrupt Organizations Act and the Real Estate...
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