BofA, HSBC reach deal over forced insurance


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.

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Comments (2)
  • benitus
    , contributor
    Comments (3206) | Send Message
     
    Well done!! Common sense prevailed after all. No sense to prolong the dispute and keep remembering the past that went all wrong. Happy days are here again.
    16 Feb 2014, 06:04 PM Reply Like
  • Don L.
    , contributor
    Comments (17) | Send Message
     
    HOORAY ! Two more SWINDLES "settled" by BAC and HSBC . And, fortunately, the SWINDLES involved NO HUMAN BEINGS . Amazing ! Cordially, D. J. Ludwig
    16 Feb 2014, 10:11 PM Reply Like
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