Banks and mortgage providers might be back in the crosshairs
What’s old might be new again
Banks and mortgage providers, last targeted by trial lawyers in the wake of The Great Recession, might be back in the cross-hairs. Kantar Media/CMAG notes that Minneapolis-based Zimmerman & Reed was observed releasing a new advertisement this past week that attacked Fifth Third, Flagstar and Quicken Loans. The ad alleges that these firms illegally pushed “excessive, unnecessary, ‘forced placed’ insurance coverage and then passed the cost along to the consumer.” Zimmerman & Reed further alleges that these banks are receiving kickbacks from insurance providers to add this coverage to mortgage agreements. In a mere 24 hour span, this spot ran in the Detroit, MI market a total of fourteen times at a cost just in excess of $7,000.
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