Cohen & Malad, LLP Files Class Action Lawsuit Against Wells Fargo, Assurant, & American Security Insurance
August 1, 2012
Cohen & Malad, LLP has filed a class action in the United States District Court for the Southern District of Georgia against Wells Fargo, Assurant, and American Security Insurance, to recover damages for homeowners who had insurance force-placed on their homes by Wells Fargo, Assurant, and American Security Insurance. The class action lawsuit alleges that, although home mortgages allow banks to “force place” insurance on a borrower’s home if the home is not properly insured, Wells Fargo, Assurant, and American Security Insurance have conspired to take advantage of this process by placing insurance on these homes and charging homeowners rates that greatly exceed regular market rates, with Wells Fargo sharing in those rates through kickbacks. The class action lawsuit seeks to recover the excessive premiums paid by the homeowners.