JPMorgan Agrees To Pay $22M In Force-Placed Insurance Suit

Law360, Chicago (December 18, 2013, 3:39 PM EST) -- JPMorgan Chase Bank NA has agreed to pay $22.1 million to resolve a proposed class action accusing it of imposing pricey and unnecessary flood insurance on homeowners whose mortgages are serviced by the bank, according to documents filed Tuesday in California federal court.

The deal also contains provisions designed to rein in JP Morgan’s force-placed flood insurance practices, including a three-year ban against the bank requiring homeowners to carry flood insurance in excess of the federal minimum standard, the plaintiffs said in a motion seeking preliminary...
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