Wells Fargo Faces New Force-Placed Insurance Class Action

Law360, New York (July 13, 2012, 2:05 PM EDT) -- Wells Fargo Bank NA and American Security Insurance Co. were hit Tuesday with a putative class action filed in Florida federal court alleging they conspired to charge homeowners inflated premiums for so-called force-placed policies, which were automatically billed to homeowners when their property insurance lapsed.

The complaint was filed the same day a federal judge allowed a similar case against a Bank of America Corp. unit to proceed on some claims, and comes as federal regulators are seeking to bring down the costs of force-placed insurance,...
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