Citi to pay $110 million in a lawsuit over force-placed insurance

Citigroup Inc (C.N) has agreed to pay $110 million to thousands of homeowners who were forcibly charged expensive property insurance premiums, a court filing showed, as several U.S. banks and insurers were criticized by regulators over such practices. The class-action lawsuit filed in a New York federal court involves "force-placed insurance," which is placed by a bank or other mortgage lenders to protect their interests in a property if the homeowner’s insurance lapses.