02/28/2014 // West Palm Beach, Florida, US // JusticeNewsFlash // Justice News Flash // (press release)

New York – A federal judge has granted approval for a class-action lawsuit settlement against banking giant JPMorgan Chase. As reported by the Associated Press (AP), the agreement could result in over $300 million being paid out to an estimated 750,000 mortgage borrowers.

The lawsuit was filed against JPMorgan Chase over its insurance practices. In accordance with the order of Judge Federico Moreno, which was issued on Friday in Miami, JPMorgan Chase, Assurant and its insurance subsidiaries have been prohibited for six years “from inflating premiums.”

Class members will be allowed to file claim forms for the recovery of a percentage of the net premiums charged from Jan. 1, 2008 to Oct. 4, 2013.

This report is provided by Justice News Flash – New York Legal News

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