Status: closed
Citibank, MidFirst Bank (Forced Place Flood Insurance)
Defendant: Citibank, MidFirst Bank
Source: http://dockets.justia.com/docket/new-york/nyndce/5:2012cv00820/89869/
Citigroup agreed to a $110 million settlement regarding its forced-placed hazard insurance practices on homeowners. The lawsuit alleges that Citigroup forced consumers to purchase unnecessary expensive flood and hazard insurance. The bank received kickbacks from the insurers for choosing the more-expensive policies for the homeowners. Borrowers who paid for forced-placed hazard insurance between May 17, 2006 and April 2, 2014 may be eligible to receive back 8% of the premium.
The case is Gordon Casey, Duane Skinner and Celeste Coonan, individually and on behalf of all others similarly situated vs Citigroup Inc, Case No. 12-00820, U.S. District Court, Northern District of New York.