JPMorgan Reaches Insurance Accord With Mortgage Borrowers for $300 Million

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JPMorgan Reaches Insurance Accord With Mortgage Borrowers for $300 Million

JPMorgan Reaches Insurance Accord With Mortgage Borrowers for $300 Million

Bloomberg-

JPMorgan Chase & Co. (JPM) and insurers reached a $300 million settlement with property owners who accused the companies of overcharging for hazard insurance.

JPMorgan, Assurant Inc. (AIZ) and other insurers will pay refunds valued at 12.5 percent of annual premium costs to homeowners who had the policies placed on their properties by the bank starting in January 2008, according to documents filed Sept. 6 in federal court in Miami.

Homeowners covered by the case stand “to recover hundreds, if not thousands, of dollars as a result of the settlement,” lawyers for the plaintiffs said in a memorandum.

[BLOOMBERG]

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