J.P. Morgan Chase has agreed to settle for $22.1 million class action lawsuits involving force-placed flood insurance imposed on homeowners in California and New York.
The agreement is the tip of the iceberg in a legal and regulatory settlement of accounts by plaintiff's lawyers, courts and state regulators stemming from the period beginning 2007 until July 2012 when the housing boom turned into a bust and a number of homeowners throughout the country were unable to pay their mortgages.
The most recent settlement of the flood insurance FPI issue is among a group of FPI cases against J.P. Morgan nationwide. Costs of hazard FPI constitutes 90% of the total FPI claims nationwide, according to Adam M. Moskowitz, of Kozyak Tropin & Throckmorton in Miami, co-counsel in the main J.P. Morgan Chase hazard insurance case. Another 5% of the cases involve flood FPI, and a further 5% involve wind FPI, he said.
Recommended For You
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
