Bank of America Force-Placed Insurance Class Action Settlement

A settlement has been reached in a class action lawsuit over allegedly excessive force-placed insurance policies. If you were charged by Bank of America or Countrywide Home Loans for a lender-placed hazard insurance policy, you may be entitled to benefits from the class action settlement.

The Bank of America class action lawsuit involves lender-placed insurance, which is placed on a homeowner’s property to protect the borrower and mortgage lender when the homeowner’s insurance policy lapses, or if the homeowner does not maintain an insurance policy that is acceptable to the mortgage lender. The plaintiffs allege that Bank of America and Countrywide would force-place insurance policies so that they received an unauthorized benefit and received additional commissions from the insurer. This practice allegedly resulted in homeowners being forced to pay excessive rates for the insurance policies.

The defendants deny the allegations but agreed to settle the force-placed insurance class action lawsuit to avoid the expense and risk of trial.

If you were charged by Bank of America NA, Banc of America Insurance Services Inc., BAC Home Loans Servicing LP or Countrywide Home Loans Servicing LP a premium for lender-placed hazard insurance coverage issued by Balboa Insurance Company, Meritplan Insurance Company, Newport Insurance Company or one of their affiliates on your residential property, you may be eligible for benefits from the force-placed insurance class action settlement.

UPDATE: On Feb. 1, 2016, the Bank of America Forced-Placed Insurance Settlement Claims Administrator announced that the checks have been disbursed. All Class Members who filed a valid and timely Claim Form should keep an eye on their mailbox, checks are on the way!

Who’s Eligible

Class Members include: “All borrowers who had mortgage loans, home equity loans, or home equity lines of credit serviced by Bank of America NA or BAC Home Loans Servicing LP (formerly known as Countrywide Home Loans Servicing LP) who were charged a premium for lender-placed hazard insurance coverage issued by Balboa Insurance Company, Meritplan Insurance Company, Newport Insurance Company, QBE Insurance Corporation, QBE Specialty Insurance Company, Praetorian Insurance Company, or one of their affiliates during the Class Period.”

The Class Period is from Jan. 1, 2008 through Feb. 3, 2014.

The force-placed insurance settlement excludes flood and stand-alone wind insurance policies.

Potential Award

Varies.

If your mortgage servicer was Bank of America NA and you had force-placed insurance issued between Jan. 1, 2008 and Dec. 31, 2009 by Bank of America, you will be eligible to receive an amount equal to 11 percent of the net written premium charged.

If your mortgage servicer was Countrywide Home Loans and you had force-placed insurance issued between Jan. 1, 2008 and Dec. 31, 2009 by Countrywide Home Loans or BAC Home Loans Servicing LP, you will be eligible to receive an amount equal to 6.5 percent of the net written premium charged.

If you had force-placed insurance issued between Jan. 1, 2010 and Feb. 3, 2014 by Bank of America, you will be eligible to receive an amount equal to 5 percent of the net written premium charged.

NOTE: The net written premium is the amount of the force-placed insurance premium minus any refunds.

Proof of Purchase

N/A. However, Class Members must certify under the penalty of perjury that the information provided on the Claim Form is true and correct.

Claim Form

Claim Form Deadline

1/27/2015

Case Name

Hall, et al. v. Bank of America NA, et al., Case No. 12-cv-22700, in the U.S. District Court for the Southern District of Florida

Final Hearing

10/29/2014

Settlement Website

www.HallSettlementInfo.com

Claims Administrator

Hall v. Bank of America NA
Settlement Administrator
P.O. Box 4540
Portland, OR 97208-4540
1-888-286-8194
info@HallSettlementInfo.com

Class Counsel

Adam M. Moskowitz
Harley S. Tropin
KOZYAK TROPIN & THROCKMORTON PA

Aaron S. Podhurst
Peter Prieto
PODHURST ORSECK PA

Lance A. Harke
Howard M. Bushman
HARKE CLASBY & BUSHMAN LLP

Defense Counsel

David L. Permut
GOODWIN PROCTER LLP

Robyn C. Quattrone
BUCKLEYSANDLER LLP