Status: closed
JPMorgan Chase (Forced-Placed Insurance)
Defendant: JPMorgan Chase
JP Morgan Chase agreed to a $300 million settlement. The lawsuit alleges that JP Morgan Chase 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 October 4, 2013 may be eligible to receive back 12.5% of the premium.