Status: closed
Regions Bank (Forced-Placed Insurance)
Defendant: Regions Bank
Regions Bank agreed to a settlement regarding its forced-placed hazard or wind-only insurance practices on homeowners. The lawsuit alleges that Regions Bank forced borrowers to purchase unnecessary expensive hazard or wind-only insurance. The mortgage servicer received kickbacks from the insurers for choosing the more-expensive policies for the homeowners. Borrowers who paid for overpriced hazard or wind-only insurance premiums issued by certain insurance companies between January 1, 2009 and June 20, 2016 may be eligible to receive back up to 12.5% of the premium.