JPM, Assurant reach a $300M insurance settlement
JPMorgan Chase (JPM) and insurance giant Assurant reached a $300 million settlement with property owners who accused the companies of overcharging for hazard insurance, Bloomberg reports. The reported settlement is the latest in a long line of cases involving forced place insurance.
JPMorgan, Assurant Inc. 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.
“The settlement will have no expected impact on our financials,” Amy Bonitatibus, a JPMorgan spokeswoman, said in an e-mailed statement. The insurance agreement at issue was discontinued this year, she said.