JPMorgan and Assurant in a $300 Million Settlement

In order to resolve the accusations, JPMorgan Chase & Co and Assurant Inc have agreed to a $300 million settlement. They were accused of forcing homeowners to get property insurance that were overpriced. They were reported to have entered into kickback arrangements resulting to the inflation of the prices of their policies.

As part of the settlement, both JPMorgan and Assurant didn’t admit any wrongdoing.

According to the statement of JPMorgan spokeswoman Amy Bonitatibus, the settlement won’t have expected impact on their financials.

Assurant was also accused of paying commissions to banks and to other mortgage servicers that offered incentives in order to force-place policies that were very expensive.

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