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Wells Fargo Settles Force-Placed Insurance Class Action

Law360, New York (March 5, 2014, 7:41 PM EST) -- Wells Fargo Bank NA and Assurant Inc. settled for an undisclosed amount a class action accusing the companies of overcharging homeowners for force-placed insurance in Florida federal court on Wednesday, agreeing to provide “significant monetary relief” to customers who had paid high premiums.

According to a proposed settlement, Wells Fargo, Assurant, QBE Insurance Group and a host of affiliated insurance companies will provide class members with cash payments equal to 11 percent of the force-placed insurance premiums they paid before March 24, 2012. For premiums paid after...
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