A federal court in Miami has cleared the way for final action in a force-placed insurance (FPI) lawsuit against J.P. Morgan Chase that is consistent with the emerging belief that federal courts are going to come down harshly on the side of consumers in FPI litigation.
“This settlement can be a road map for settlements with other defendants,” says Adam M. Moskowitz, of Kozyak Tropin & Throckmorton in Miami, co-counsel in the J.P. Morgan Chase case. “This is the first nationwide settlement for hazard claims (the majority of the coverage).” Moskowitz has class action lawsuits pending in the same court before the same judge in four other FPI cases involving major mortgage servicers.
Judge Frederico Moreno, chief judge of the U.S. District Court in Miami, Tuesday granted preliminary approval and set a final fairness hearing for next February in a case involving 1.3 million people.
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