Homeowners Warned Of Forced-Insurance, Wells Fargo Says

Law360, Los Angeles (November 4, 2013, 8:09 PM EST) -- Wells Fargo Bank NA pressed a California federal judge Friday to toss putative class action claims that it forced costly insurance policies on homeowners, saying it repeatedly warned them that the policies could be significantly more expensive than other insurance.

Wells Fargo required its borrowers to insure their homes against floods and other hazards or allow Wells Fargo to obtain backdated insurance at the homeowners’ expense. Some borrowers sued the company under the Racketeer Influence and Corrupt practices Act, alleging that the premiums under those plans...
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