We use cookies on this site to enable your digital experience. By continuing to use this site, you are agreeing to our cookie policy. close

HSBC, Assurant To Pay $1.8M To End Insurance Kickback Row

Law360, New York (April 10, 2015, 9:05 PM EDT) -- HSBC PLC and Assurant Inc. agreed to pay $1.8 million to end a class action alleging the bank took kickbacks for steering consumers into inflated flood insurance contracts, according to a motion for preliminary approval of the deal filed in Colorado federal court Friday.

The arrangement would end a suit accusing the bank of purposefully choosing excessive coverage levels when it needed to force-place flood insurance on homeowners whose coverage lapsed, and taking a bonus from Assurant unit American Security Insurance Co. for having done so, according to the filing. The deal will pay out to an estimated 11,000 class members,...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.


  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!

TRY LAW360 FREE FOR SEVEN DAYS

Attached Documents

Related

Sections

Case Information

Case Title

Subscribers Only

Case Number

Subscribers Only

Court

Colorado

Nature of Suit

Contract: Other

Judge

Subscribers Only

Date Filed

January 25, 2013


Case Title

Subscribers Only

Case Number

Subscribers Only

Court

New York Northern

Nature of Suit

Contract: Other

Judge

Subscribers Only

Date Filed

February 8, 2013

Law Firms

Companies