US Bank, Insurer Stuck In Force-Placed Insurance Suit

Law360, New York (March 24, 2014, 4:07 PM EDT) -- A California magistrate judge on Friday preserved a putative class action accusing U.S. Bank NA of charging homeowners force-placed flood insurance rates that were inflated by improper kickbacks and policy backdating, ripping a “predatory” attempt to moot the case through settlement offers.

U.S. Magistrate Judge Laurel Beeler denied twin motions to dismiss from U.S. Bank and its force-placed insurance provider American Specialty Insurance Co. The pair are accused of running an anti-competitive scheme to overcharge homeowners when flood policies lapsed and the bank stepped in to purchase...
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