Shelly Clements vs JPMorgan Chase -- $22.1 million settlement for unfair mortgage servicing practices
This class action involved a lender's right to purchase property insurance for borrowers who failed to obtain or renew their own insurance policies. This is called "forced-placed" or "lender-placed" insurance. At the time, lenders were charging their borrowers for very expensive "lender-placed" insurance policies that involved kick-backs or other benefits for the lenders.
Practice area(s): Class Action, Financial Markets And Services, Litigation