Status: closed
HSBC (Force-Placed Insurance)
Defendant: HSBC
HSBC agreed to a settlement regarding its forced-placed hazard insurance practices on homeowners. The lawsuit alleges that HSBC 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, 2005 and March 24, 2014 may be eligible to receive back 13% of the premium.