Status: closed
Bank of America (Force-Placed Insurance)
Defendant: Bank of America
Source: http://www.reuters.com/article/2014/04/07/us-bankofamerica-settlement-idUSBREA361FJ20140407
Bank of America agreed to a $228 million settlement regarding its forced-placed hazard insurance practices on homeowners. The lawsuit alleges that Bank of America forced consumers to purchase unnecessary expensive hazard insurance. The bank received kickbacks from the insurers for choosing the more-expensive policies for the homeowners. Borrowers who paid for overpriced hazard insurance premiums issued by certain insurance companies between January 1, 2008 and February 3, 2014 may be eligible for monetary relief.
The case is Cheryl Hall et al vs. Bank of America N.A. et al, Case No 12-cv-22700, U.S. District Court, Southern District of Florida.