Wells Fargo Denies Fraud In Force-Placed Insurance Case
Law360, New York (December 13, 2013, 2:09 PM EST) -- Wells Fargo Bank NA asked an Illinois federal judge on Thursday to toss a proposed class action brought by mortgage borrowers alleging it made kickbacks off force-placed insurance policies, arguing it had fully disclosed it would earn commissions from the policies and there was no proof its actions were unjust.
Wells Fargo asked U.S. District Judge David R. Herndon to rule against the borrowers, who have accused the bank of sticking them with overpriced hazard insurance policies when their own insurance lapsed and then getting a cut of the spoils from the insurer, Assurant Inc.
The bank says plaintiffs' fraud and...
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