HSBC, BofA Reach Forced-Insurance Accords, Lawyers Say
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Bank of America Corp. and HSBC Holdings Plc agreed to settle lawsuits brought over property insurance that borrowers were forced to accept, lawyers for the homeowners said at a federal court hearing in Miami.
The lawyers told U.S. District Judge Federico Moreno today about the settlements without disclosing more details. The deals follow an earlier $300 million agreement with JPMorgan Chase & Co. and a $110 million settlement with Citigroup Inc. on the same issue.