Jack Homeowner lives in the State of Florida and due to a reduction in his household income, he let his self-placed homeowners insurance policy lapse. His mortgage company, Bank of America (a Delaware corporation), force-placed insurance as allowed by the mortgage contract. Jack finds out that this has happened to many other Florida homeowners who have mortgages with Bank of America. Jack and his fellow homeowners discover that all of the force-placed insurance policies were provided by Big Insurance Company and that illegal kickbacks and commissions may have been provided to Bank of America in return for using Big Insurance Company as the provider for the force-placed policies. Jack knows of many such cases and comes to see your supervising attorney to find out if there is a potential class action lawsuit against Bank of America and Big Insurance Company for unjust enrichment and the breach of the covenant of good faith and fair dealing. All of the potential Plaintiffs are residents of the State of Florida and all were charged premiums for force-placed insurance within the applicable statute of limitations.
Does the Plaintiffs meet all of the requirements for filing a class action lawsuit? Who or why not?