Four class members have dismissed their objections to a $228 million settlement with Bank of America NA in the Eleventh Circuit. The underlying lawsuit accused the bank of inflating premiums for force-placed insurance on homeowners and receiving kickbacks from the insurance company. The objectors, including Michael and Jill Trapasso, had previously argued that the settlement provided an unclear payout for class members while allocating too much to attorneys. Following the dismissal, class counsel Adam M. Moskowitz expressed satisfaction that the class members can now receive their share of the recoveries. The case is one of several similar actions against mortgage lenders concerning force-placed insurance practices.
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Originally published by Dani Kass | Jun 23, 2015 | Law360
