Posted: April 21, 2014
By: Michael Lipkin
Practice Areas: Consumer Protection, Insurance & Financial Products & Services, Lending Practices & Borrowers’ Rights
Bank of America NA has agreed to pay $31 million to settle
a putative class action alleging the bank illegally forced
homeowners to buy excessive amounts of flood insurance, according
to a Monday ruling in Oregon federal court.
U.S. District Judge Michael Simon preliminarily approved
the settlement involving Bank of America and BAC Home Loans
Servicing's force-placed insurance practices in a Thursday
decision, the opinion of which was published Monday.
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