Force-Placed Insurance Victims Urged to Contact Gilman Law LLP, as Firm Notes Forced-Placed Insurance Lawsuit Settlements in

  Force-Placed Insurance Victims Urged to Contact Gilman Law LLP, as Firm
  Notes Forced-Placed Insurance Lawsuit Settlements in Claims Against HSBC,
  Wells Fargo, and Bank of America

Business Wire

BOSTON -- March 12, 2014

Gilman Law LLP, a leading consumer law firm representing property owners
throughout the country who have been victimized by the force placed insurance
market, notes that HSBC, Wells Fargo and Bank of America have agreed to settle
force placed insurance lawsuits that had accused the banks of overcharging
hundreds of homeowners for flood, hazard and wind policies. Though no dollar
figures have been attached to the force placed settlements, filings in U.S.
District Court, Southern District of Florida, indicate that the banks have
agreed to pay refunds to potentially hundreds of property owners throughout
the nation. (Purifoy v. Bank of America Corp., 13-1154, Blackburn v. HSBC Bank
USA NA, 13-3714)

Gilman Law, LLP, is also representing property owners in similar claims
against CitiBank and other lenders. Homeowners who had wind, hazard or flood
insurance force placed on their property by American Security, Assurant, HSBC,
Wells Fargo or Bank of America are urged to contact the Firm as soon as
possible to discuss their legal rights in relation to this settlement. Gilman
Law LLP is also prosecuting claims against the lenders/servicers listed below
and is also urging any homeowner who may have been victimized by another
lender to contact the Firm today, especially if they had a mortgage held by
one of the following banks:

  *US Bank
  *Green Tree
  *OCWEN
  *Capital One/ING
  *Suntrust
  *PNC/National City

If these or another lender held a mortgage on your home and force placed wind,
flood or hazard insurance on your property, it is of the utmost importance
that you contact Gilman Law LLP today, at 1-888-252-0048 to preserve your
right to compensation.

The Force-Placed Insurance Market

Standard mortgage contracts generally allow lenders to impose, or force place,
hazard, wind or flood insurance on a property in cases where the owner has
allowed required coverage to lapse. But in recent years, it has become
apparent that banks, mortgage servicers, and insurers took advantage of this
ability and inflated the cost of forced placed insurance beyond justification.
These outlandish prices were driven by the commissions (critics call them
kickbacks) mortgage companies accepted from insurers for the privilege of
arranging force-placed policies. These kickbacks were ultimately passed on to
property owners, who according to one New York State investigation, were often
charged premiums that were two to ten times higher than those charged for
voluntary insurance. At the same time, these needlessly expensive policies
almost always offered far less protection than standard policies.

(dfs.ny.gov/about/press2013/pr1309191.htm)

Earlier this year, Gilman Law LLP and its co-counsel were able to reach a
settlement in a force placed insurance claim which had accused CitiBank NA of
engaging in and profiting from predatory practices that imposed excessive
flood and hazard insurance policies on homeowners throughout the country.
Under the terms of the $110 million settlement, eligible property owners will
be refunded 12.5 percent of their premiums, which represents more than 83.3
percent of the allegedly unlawful commissions that Citi’s affiliate received
from its force-placed insurance vendor. (Gordon Casey, Duane Skinner and
Celeste Coonan, individually and on behalf of all others similarly situated vs
Citigroup Inc., Case No. 12-00820, U.S. District Court, Northern District of
New York)

About Gilman Law LLP

Gilman Law LLP, a leading consumer law firm with offices in Florida and
Massachusetts, has been recognized for delivering successful results to their
clients across a broad range of claims stemming from consumer product injury,
mass tort, and class action lawsuits. For over 32 years, the Gilman Law LLP
team of highly experienced lawyers has earned renown for tireless work on
behalf of their clients on many of today's most challenging and important
legal issues.

Contact:

Gilman Law, LLP
Kenneth G. Gilman, 1-888-252-0048
 
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