JPMorgan To Pay $300M in Forced-Place Insurance Deal

Law360, New York (September 9, 2013, 1:49 PM EDT) -- JPMorgan Chase NA agreed on Friday to pay more than $300 million to settle a putative force-placed insurance class action in Florida accusing the bank of overcharging homeowners it claims failed to maintain agreed-upon levels of coverage.

The deal marks the first national class settlement in a host of related cases pending in Florida against Chase and several other major banks, their affiliates and several insurers. The plaintiffs in the instant suit say Chase and its co-defendants raked in more than $1 billion over the last...
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