December 14, 2015 / 9:57 PM / 4 years ago

Lawsuit accuses Regions Bank of insurance kickback scheme

Alabama-based Regions Bank and a major U.S. insurer have been hit with a proposed class action accusing them of entering a kickback arrangement and earning unlawful profits from property insurance homeowners were required to buy.

Filed on Friday in Miami federal court, the lawsuit said thousands of Regions Bank customers paid inflated amounts for property insurance to cover the costs of kickbacks, which were allegedly paid to the bank by American Security Insurance Co (ASIC), part of New York-based Assurant Inc.

To read the full story on WestlawNext Practitioner Insights, click here: bit.ly/1NtuUqN

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