JPMorgan Chase (JPM) has agreed to stop accepting commissions from the nation's top provider of force-placed insurance in an agreement that could loom large for other big banks alleged to have overbilled homeowners on insurance premiums.

Under a settlement filed Friday in U.S. District Court in Miami, Chase and insurance company Assurant (AIZ) would also make payments to up to 1.3 million mortgage holders nationwide who were allegedly overcharged during the last five years. The agreement would resolve a suit filed on behalf of homeowners that hold Chase mortgages.

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