J.P. Morgan Chase and lawyers for homeowners who paid for force-placed insurance have settled a lawsuit in Miami that calls for the bank to stop accepting commissions for placing FPI from Assurant, the nation’s top provider of FPI.
Under the agreement, the J.P. Morgan and Assurant will be required to make payments to homeowners equal to 12.5 percent of the insurance premium each affected homeowner was charged. The deal could be worth as much as $300 million to 1.3 million homeowners nationwide, according to a document filed by the plaintiffs' lawyers.
In addition, plaintiffs' lawyers could get up to $20 million.
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