After a slew of regulatory actions and numerous class action lawsuits, JPMorgan Chase and a large commerical insurer have annouced a $300 million dollar class action settlement of claims arising from the practice known as “forced placed insurance” or “FPI”. FPI has been widely criticized by consumer advocates and attacked by several state attorneys general when it became clear that the insurance forced on to some homeowners was priced dramatically higher than market prices and that banks and mortgage servicers were reaping huge profits from the forced insurance. The settlement was reached in Saccoccio v. JPMorgan Chase, et al., pending in the Southern District of Florida federal court. The settlement was preliminarily approved by the court presiding over the case and the claims process is on-going. Questions about the settlement can be answered on the dedicated settlement website’s FAQ section. For assistance with any claims regarding the JPMorgan Chase Forced Placed Insurance settlement, please contact the attorneys of Holland Groves: info@hollandtriallawyers.com.
Additional lawsuits are pending around the country against major banks regarding the FPI practices that have resulted in billions of dollars of bank profits including against Wells Fargo, Suntrust, HSBC and others. If you have questions about those cases, you should consult with our complex litigation attorneys immediately.
Holland Groves is also investigating claims against other banks and servicers so if you have had costly insurance forced on you please contact us immediately at 314-241-8111.