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This settlement is closed!
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Capital One, successor by merger to ING Bank, has agreed to pay $20.35 million to settle multiple class action lawsuits accusing ING Bank of misrepresenting that Orange Mortgage and Easy Orange Mortgage loans came with a guaranteed flat-fee Rate Renewal for the life of the loan.
A federal judge has already preliminarily approved the ING class action settlement. If the ING Rate Renewal settlement becomes final, eligible ING mortgage borrowers will automatically be mailed checks worth at least $25, with an average payment of approximately $175. The payments will vary based on whether the borrower paid more for an ING mortgage Rate Renewal than the Rate Renewal charge that was in effect when the borrower took out the loan.
Plaintiffs in the ING class action lawsuits claimed that ING marketed its Orange Mortgage and Easy Orange Mortgages as having “Rate Renewal,” a feature that would allow borrowers to re-set the fixed interest rate on their adjustable rate mortgages for a fixed fee, without requalifying, at any time during the life of the loan. They also contend that ING violated the law by raising Rate Renewal prices and by refusing to give some customers the option of Rate Renewal
ING, and by successor Capital One, deny any wrongdoing but agreed to a class action settlement to resolve the litigation.
A Final Approval Hearing will be held Oct. 7, 2014. If approved, Class Members will automatically receive an award from the ING Orange Mortgage class action settlement unless they excluded themselves.
Who’s Eligible
Class Members of the ING mortgage Rate Renewal settlement include all natural persons who:
(1) Obtained an Orange Mortgage or Easy Orange Mortgage from ING on or after Oct. 1, 2005 through May 31, 2009; or
(2) Obtained an Orange Mortgage from ING before Oct. 1, 2005 and performed a Rate Renewal of that mortgage on or after Oct. 1, 2005, through May 31, 2009.
Potential Award
$25 – $175.The average payment from the ING class action settlement is expected to be about $175 per Loan Account, with a minimum payment of $25 per Loan Account. You can calculate what your estimated payment will be using the formula described in Quest 6 of the Settlement Notice.
Proof of Purchase
N/A
Claim Form Deadline
No Claim Form is necessary. Payments will automatically be mailed to eligible Class Members if the class action settlement is approved and becomes effective.
Case Name
Yarger, et al. v. ING Bank, FSB d/b/a ING Direct, Case No. 11-154-LPS, U.S. District Court, District of Delaware.
Final Hearing
10/07/2014
Important Update: On October 7, 2014, the United States District Court for the District of Delaware granted Final Approval of the ING Rate Renewal Settlement. You may read the Court’s order here .
Settlement Website
Claims Administrator
ING Rate Renewal Settlement
Claims Administrator
PO Box 85006
Richmond, VA 23286
1-855-770-6954
Class Counsel
LIEFF, CABRASER, HEIMANN & BERNSTEIN, L.L.P.
MEYER WILSON CO., L.P.A.
ROSENTHAL, MONHAIT & GODDESS, P.A.
OLSEN LAW OFFICES, APC
WEBB & BORDSON, APC
Defense Counsel
MORRISON & FOERSTER LLP
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