Lawyers at Beasley Allen in our Consumer Fraud Section are currently representing Plaintiffs who have been cheated by JPMorgan Chase Bank’s (Chase) practice of force-placing flood insurance on borrowers with home equity lines of credit and home equity loans. We have filed a class action lawsuit against Chase and its preferred flood insurance vendor, American Security Insurance Company, which does business as “Assurant.” The suit alleges that Chase and Assurant engaged in a scheme to wrongfully force-place flood insurance, charge excessive premiums, pay and accept unlawful kickbacks, and force-place more insurance than necessary or required.
Claims under the Racketeer Influenced and Corrupt Organizations Act (RICO), the Real Estate Settlement Procedures Act (RESPA), and the Truth in Lending Act (TILA), are alleged in the suit. We also allege common law claims. Damages in this case have the potential to be substantial.
The federal government will very likely file suits against banks and other mortgage servicers to recover its losses from insurance kickbacks that may have cost government-controlled mortgage grants Fannie Mae and Freddie Mac hundreds of millions. The suit would be filed by the Federal Housing Finance Agency.
If any of you had either a Chase Home Equity Loan or a Home Equity Line of Credit and flood insurance was force-placed by Chase prior to January 1, 2010, and you need help, contact Archie or Andrew Brashier by at 800-898-2034 or by email at Archie.Grubb@beasleyallen.com or Andrew.Brashier@beasleyallen.com. If any of our lawyer-readers have clients who had an experience such as those described above, and need additional information, contact Archie or Andrew, who are lawyers in our Consumer Fraud Section. They will be glad to work with anyone on this important litigation.
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