Monday, September 09, 2013


but it's still good when a bankster is nailed for cheating.
JPMorgan in $300 million settlement over force-placed insurance
By Dena Aubin

NEW YORK | Mon Sep 9, 2013 4:12pm EDT

(Reuters) - JPMorgan Chase & Co (JPM.N) and a major insurer have agreed to a $300 million settlement to resolve accusations that they forced homeowners into over-priced property insurance and entered into kickback arrangements that inflated the policies' prices.

The lawsuit being settled - one of several targeting large U.S. banks over force-placed insurance - said that the improper practices unjustly enriched JPMorgan and insurer Assurant Inc by more than $1 billion since 2008.

JPMorgan and Assurant did not admit any wrongdoing as part of the settlement, which was in documents filed late on Friday in a Miami federal court.

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