HSBC settles kickbacks lawsuit over force-placed insurance

HSBC Mortgage Corp has settled claims of a putative case of homeowners who sued the company over alleged kickbacks the bank received for insurance policies it took out on their properties. The US federal judge granted the parties' stipulation for voluntary dismissal of the homeowners' claims HSBC accepted fees and commissions from insurance companies after it put expensive force-placed insurance on its borrowers' property when their own hazard insurance lapsed.

By Diana Novak Jones (December 21, 2015, 4:08 PM EST) -- A Pennsylvania federal judge signed off on dismissal Friday after HSBC Mortgage Corp. settled claims of a putative class of homeowners who sued over alleged kickbacks the bank received for insurance policies it took out on their properties....

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