BofA Gets Nod On $31M Flood Insurance Class Settlement

Law360, New York (September 19, 2014, 1:07 PM EDT) -- An Oregon federal judge gave final approval on Thursday to a $31 million settlement resolving seven proposed class actions alleging Bank of America NA illegally forced homeowners to buy excessive amounts of flood insurance, overruling objections that a 25 percent class counsel fee is too high. 

Under the terms of the agreement, Bank of America will put $31 million into a settlement fund, of which plaintiffs' counsel will get a 25 percent cut, in addition to $736,294 in costs. Claims administrator Analytics LLC will take home $630,328 in costs, and the plaintiffs will receive $2,500 each as an incentive award. The...

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