The country’s five largest banks scored a victory Thursday in a proposed class action that claimed the banks force homeowners to buy overpriced homeowner insurance if they allowed their old policies to expire.
Chief U.S. District Judge Federico Moreno in Miami dismissed a lawsuit targeting Bank of America, Citibank, HSBC, JPMorgan Chase and Wells Fargo and gave plaintiffs the option to refile separate complaints against each lender by March 28. The lawsuit also named insurance carriers Assurant Inc. and QBE Insurance Group and their affiliates.
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