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This settlement is closed!
Please see what other class action settlements you might qualify to claim cash from in our Open Settlements directory!
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 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
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
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40 thoughts onBank of America Force-Placed Insurance Class Action Settlement
Hi everyone the same has happen to me also I sent in 6 paper work in which was postal certified and here it is December 20015 and nothing…going to contact my attorney and let them investigate this…..were we all scammed……??????
I am patiently waiting I called the number and was told no settlement has been made because appeals had been made in a timely manner. This was last week.
I call a few ago and talked to some one about the lawsuit was told they are still in appeals. and no one was given any checks, is the a scram or what how did they receive our personal information to be use ,is this also a law suit. I mailed my papers in certified mail was received and sign for.
I attempted to call the posted numbers a few months back and got no answers other than appeals had been filed and will need to be resolved before payments are released. From my online searches, it appears that some of the other plantiffs that opted out of the settlement and have made an appeal to recover for damages outside of the approved settlement. I am not an attorney, but that what it seems to me. Hopefully it will become final and effective in the near future for everyone!
Hello, I have been looking the mail box for a early xmas gift BUT have not gotten anything… any word, updates, more checks mailed out… anything anyone? THANKS! Is it by state? by last name…?
I have not received a check either. I applied online way before the deadline, but have never heard or received anything else about it. I have only seen information in this newsletter regarding GA state, what about the other states? Patiently waiting for a nice surprise in my mailbox…..someday. POO-POO B of A!
I have not received a check as of August 29th. BOA demanded that my payments were on time and in full. Would really like an update as to what is happening.
Sent and re-sent documents. Have heard nothing, as of August 8, 2015. Not trying to be greedy or a whiner but any update at all would be reassuring, wouldn’t it?
p.s. lost our home to foreclosure, as well. It would be nice to get something back…
Initially, I sent back one claim form and was sent another letter to state that I needed to complete other claim forms. I believe it was between 13 and 15 forms total. I have called to follow-up with the administrators question line and was told that everything was received, but no payments have been made because appeals have been made. In what I read from the final court documents it appears that the decision was final and that this is now closed. I cannot seem to find anything that states otherwise. Anyone else have any other updates?
I have not received a check. Has the entire settlement been paid? It says it’s a closed settlement.