Homeowners who were allegedly overcharged for insurance on their JPMorgan Chase (JPM) mortgages could receive as much as $291 million under the settlement of a lawsuit, according to lawyers who crafted the deal.
But critics of the agreement argue that only a small fraction of that amount will ever be paid. They point out that the settlement requires homeowners to file claim forms, a process that often yields low participation rates, rather than making payments automatic.
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