BofA, HSBC reach deal over forced insurance

|About: Bank of America Corporation (BAC)|By:, SA News Editor

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.