Citigroup To Pay $110 Million After Lawsuit On Force-Placed Insurance

After J.P. Morgan (NYSE:JPM) and Assurant Inc's (NYSE:AIZ) $300 million settlement last year, now Citigroup (NYSE:C) has been told to pay $110 million in a lawsuit to house owners who were forced to pay expensive property premiums by the bank. The bank has even agreed to refund 8 percent each of force-placed flood or wind insurance premiums even though the bank or its affiliates got no commissions on it.