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Citi to pay $10 m for wrong premium

Citibank has agreed to pay $110 million to settle a class-action lawsuit filed by a Syracuse man who says he was forced into a 400% increase in his flood insurance premium. The man, Gordon Casey, sued the bank two years ago over the cost of homeowner’s insurance for his home. His premium had skyrocketed over a decade from $325 a year to $1,478 a year. Casey and a Maryland man sued Citibank on behalf of all homeowners whom the company forced into paying increased premiums to insure their homes against floods or hazards. The proposed settlement agreement was filed in U.S. District Court in Syracuse and has to be approved by U.S. District Judge David Hurd. Citibank did not admit wrongdoing, as is customary in such settlements.

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