Seeking Alpha

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.
Comments (2)
  • 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, 06:04 PM Reply Like
  • HOORAY ! Two more SWINDLES "settled" by BAC and HSBC . And, fortunately, the SWINDLES involved NO HUMAN BEINGS . Amazing ! Cordially, D. J. Ludwig
    16 Feb, 10:11 PM Reply Like
DJIA (DIA) S&P 500 (SPY)