Wells Fargo, QBE Reach $19M Force-Placed Insurance Deal

Law360, Washington (May 13, 2013, 4:45 PM EDT) -- Wells Fargo Bank NA, QBE Specialty Insurance Co. and a class of Florida homeowners have reached a settlement over allegations the companies pushed overpriced property insurance and received kickbacks, agreeing to pay up to $19.25 million to class members, according to court documents filed Monday.

Wells Fargo and QBE charged class members $77 million from April 2006 to February 2013 for force-placed insurance policies, in which the bank forcibly enrolled borrowers in home hazard insurance if their existing policies lapsed. The premiums for those force-placed policies...
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