- Bank of America (BAC) and HSBC (HSBC) have agreed to settle lawsuits that borrowers filed over force-placed property insurance that the banks required them to buy.
- However, there were no details about how much the firms will have to pay.
- The borrowers argued that BofA and HSBC agreed to deals with insurance companies and over-charged for the coverage.
- The deals come after JPMorgan agreed to pay $300M and Citigroup $110M over the same issue.
BofA, HSBC reach deal over forced insurance
Feb 16 2014, 02:18 ET