Bank of America Settles Forced-Place Insurance Claims for $228M

April 4, 2014
In the U.S. District Court for the Southern District of Florida case Hall vs. Bank of America, the defendant has agreed to pay $228 million to settle claims that it overcharged homeowners for insurance that they were forced to accept when their regular policies lapsed.

The settlement seeks final approval from the court, and attorneys are expected to ask up to $16 million in fees, according to the filing. Wells Fargo, HSBC Holdings, JPMorgan Chase, and Citigroup also reached similar agreements regarding forced-place insurance, with JPMorgan paying $300 million, Citigroup paying $110 million, and HSBC paying $32 million.

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