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Wells Fargo, HSBC agree to refunds over alleged insurance overcharges

The proposed class-action settlements follow a similar deal by US bank JP Morgan

Wells Fargo and HSBC have agreed to pay refunds to potentially hundreds of thousands of borrowers under deals to end allegations the banks overcharged for homeowners insurance, court filings show.

The proposed class-action settlements, filed in recent days in federal court in Miami, follow a similar deal worth up to $300 million in refunds to JP Morgan borrowers, which was granted final judicial approval last week, the documents show.

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