Citibank and CitiMortgage Force-Placed Insurance Litigation
Berger Montague was Co-Lead Class Counsel in a nationwide class action settlement in the United States District Court for the Northern District of New York. The action alleged that Citibank, N.A. and CitiMortgage, Inc. schemed to require certain borrowers to (1) purchase hazard and/or flood insurance at inflated cost due to the bank’s conduct, and (2) purchase flood insurance coverage in excess of the amount required by their mortgage contract or federal law. The parties reached a settlement that made $122 million available to borrowers in the settlement class. On August 21, 2014, the Court issued its final approval order in the action.
The following settlement documents are available for review:
Berger Montague’s Predatory Lending and Borrowers’ Rights group vigorously represents homeowners against major banks. To find out about investigations, as well as pending and settled cases, please visit our Predatory Lending and Borrowers’ Rights page.
