Thursday, March 08, 2012

Florida Federal Judge 'Green-Lights' Force Placed Insurance Class Action Suit Against Wells Fargo, QBE

American Banker reports:
  • A class action just approved in federal court involving force-placed insurance(1) increases the likely cost to banks in terms of reputational damage and cash settlements.

For more, see Wells Fargo's Force-Placed Suit Raises Financial, Regulatory Threats.

For an earlier post on this story, see South Florida Homeowners Seek Class Action Status In Lawsuit Tagging Loan Servicer Over Dubious, Force-Placed Insurance 'Gravy Train'.

(1) For more on the banksters' force placed insurance racket, see: