JPMorgan $300 Million Accord Over Kickback Claim Approved
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A $300 million settlement by JPMorgan Chase & Co. and insurers with homeowners who accused the bank of taking kickbacks in exchange for sticking them with overpriced insurance policies was approved by a judge.
U.S. District Judge Federico Moreno in Miami today approved the accord. It requires JPMorgan, Assurant Inc. and other insurers to pay refunds valued at 12.5 percent of annual premium costs to homeowners who had certain policies placed on their properties by the bank starting in January 2008. JPMorgan and Assurant didn’t admit wrongdoing.