Status: closed
SunTrust (Force-Placed Insurance)
Defendant: SunTrust
SunTrust agreed to a settlement regarding its forced-placed hazard insurance practices on homeowners. The lawsuit alleges that SunTrust 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 April 1, 2008 and June 18, 2014 may be eligible to receive back 10.5% of the premium.