Citibank would refund $110 million to consumers under a settlement filed Wednesday of allegations that the bank required excessive insurance coverage on properties on which it held mortgages.
The settlement, which must be approved by Northern District David Hurd, calls for settlement class members to receive refunds amounting to 12.5 percent of the premiums they paid on the “force-placed” hazard insurance policies, 8 percent of flood insurance premiums and 8 percent of wind insurance premiums.
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