Wells Fargo, Assurant Stuck In Force-Placed Kickback Suit
Law360, New York (August 27, 2013, 1:39 PM EDT) -- An Illinois federal judge on Monday rebuffed a battery of challenges to a putative class action targeting Wells Fargo Bank NA’s force-placed insurance practices, preserving claims that the bank reaped illegal kickbacks for imposing overpriced Assurant Inc. hazard policies on mortgagors.
Chief U.S. District Judge David R. Herndon declined to dismiss allegations that the bank and the insurer broke New York and Illinois consumer protection statutes by charging borrowers for hazard insurance from Assurant units American Security Insurance Co. and Standard Guaranty Insurance Co. when their policies lapsed.
The judge also preserved claims that Wells Fargo misappropriated money from borrowers’ escrow...
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