QBE, BofA Conspired To Rip Off Mortgage Holders, Suit Says

Law360, New York (April 26, 2013, 2:40 PM EDT) -- QBE Holdings Inc., Bank of America Corp. and others were hit Thursday in Wisconsin federal court with a putative class action alleging they conspired to inflate premiums on force-placed insurance policies imposed on mortgage holders.

A proposed class of residential mortgage borrowers, led by named plaintiff Colleen DeCambaliza, allege that Bank of America, insurance company QBE and various affiliates schemed to force-place hazard insurance policies on mortgage borrowers with “unreasonably high-priced” premiums. Force-placed insurance describes policies imposed by lenders or mortgage service providers when borrowers don't...
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