Telephone: 212.931.0704

Arnett v. Bank of America, N.A., 11-cv-1372 (D. Or.)

We represent homeowners who had been forced to purchase flood insurance by Bank of America. Plaintiffs alleged that Bank of America violated their mortgage contracts by requiring homeowners to purchase excess flood insurance coverage and by placing this insurance through affiliated insurers in exchange for kickbacks. After engaging in significant motion practice, discovery and class certification briefing, a settlement that provided $31 million to the class was reached.  As part of the settlement, Bank of America agreed to a number of practice improvements to its force placed insurance procedures that include allowing homeowners to opt for lower coverage amounts and ceasing to accept commissions from force placed flood insurers.

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