JPMorgan Chase NA and Assurant Inc. recently doled out $300 million to settle a class action claiming they profited handsomely from high rates on forced-placed insurance policies. Other large financial institutions that face similar allegations are now questioning whether JPMorgan's settlement will energize the plaintiffs' bar to seek such sizable payouts.
Law360 recently asked Freeborn attorney Mark R. Goodman, a Partner in the Firm's Insurance/Reinsurance Industry Team, for his thoughts on whether the JPMorgan settlement represents a possible opening of the floodgates. The story, which is titled, "JPMorgan's $300M Forced-Placed Deal Sets Up Domino Effect," published on Sept. 10, 2013.
In the article, Goodman was questioned about the size of JPMorgan's settlement, to which he responded, "It is an eye-popping number, but given the size of their mortgage market, maybe it's not that outsize. JPMorgan is so big, and they were worried about their reputation in the mortgage industry. A smaller or more regional player may not have the same concern."
Read the full article, JPMorgan's $300M Forced-Placed Deal Sets Up Domino Effect
