Arnett v. Bank of America, N.A.

On November 14, 2011, Plaintiffs Larry and Ronda Arnett filed a class action complaint in the United States District Court for the District of Oregon alleging that Bank of America requires certain borrowers to purchase flood insurance in excess of what their mortgage contract and federal law requires.  Among other things, the complaint alleges that Bank of America and its affiliates unlawfully profited from this scheme.  On July 11, 2012, the Court denied Bank of America's Motion for Judgment on the Pleadings with respect to the breach of contract and conversion claims.  A copy of that decision can be found here.

If your bank is requiring you to have more flood insurance than you were previously required to maintain, or if the bank has force-placed flood insurance on your property, we would be interested in discussing this with you.  Call (617) 439-3939 or 1-800-287-8119, or click here to contact us through our website.