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Bank of America Faces Fraud Class Action over Flood Insurance

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Charlotte, NC: A consumer fraud class action lawsuit has been filed against Bank of America for allegedly misrepresenting that flood insurance was required for borrowers' housing cooperative units.

Filed by plaintiffs Pamela and Mark Lemmer, the lawsuit alleges that Bank of America force-placed flood insurance coverage on the Lemmers' cooperative unit even though no flood insurance was required in the first place, and accepted a commission for purchasing this unnecessary insurance at the Lemmers' expense.

According to the Complaint, Bank of America falsely represented to the Lemmers that flood insurance was required for their cooperative unit by their mortgage and/or federal law, even though their mortgage agreement does not contain a flood insurance requirement and federal law does not require flood insurance for cooperative units.

In their class action Complaint, the Lemmers seek relief on behalf of themselves and other housing cooperative borrowers across the country who have been similarly affected by Bank of America' alleged conduct. Based on this alleged conduct, Plaintiffs' Complaint asserts claims against Bank of America for breach of contract/breach of the covenant of good faith and fair dealing and fraud.

Bank of America Flood Insurance Class Action Legal Help

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Published on Apr-24-12


READER COMMENTS

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My elderly parents have been forced to pay for Flood Insurance in access of one thousand dollars per year since 2011 when Bank Of America sold their note to Nation Star. An escrow account was added to their mortgage payment after Allstate failed to renew the policy several years back due to a clerical error on their part. This has created financial hardship to my mother ; especially , since my fathers death in 2013 and left her with a single SSI benefit.

Posted by

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Charle Padgett, that [with different numbers] happens to me every year, for the past several years. It's how they do business.

Posted by

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I have commercial real estate BA. Loan was 15 years down last year mortgage. Required from beginning have flood insurance. Have maintained insurance and Bank has copy policy on file beginning. They have sent 4 notices last 6 weeks stating they will buy insurance if don't comply showing coverage. I gave copy policy local Bank America showing proof. They mailed these main office. Then had insurance company fax and mail proof. Now received letter Bank where they bought $2100 policy debited my account? The policy own is only $600 year. I want file several law suits against Bank .

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