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,...
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