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This settlement is closed!
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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
Got check today in Mass. No mail yesterday because of snow! $1100 which I am ok with-thought more like 1500 but as long as over a thousand Im ok! Bank of America needs to pay more for what they did-actually Countrywide does since they sold my loan to BOA.Now dealing with SLS…even worse.Oh well still gonna fight and get rejected for modification.
Got the check today , 14 dollars Boa was using a scam , and everyone got scammed again
Wow !! After all this time waiting for settlement check, I get a check yesterday for $ 16.90. Was hardly worth the effort to fill out the forms. This doesnt even come close to reimburse what they charged me every month.. BOA wins again as usual !!!
After all of the waiting, only $204.40; what a joke! I can see why a number of the parties held off and objected to the settlement! The banks continue the nonsense and we rescue them when they need it….
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!
Received our check today $515.13 nice !
Was charged 3682.24 over 2 years for force placed flood insurance. They sent me a check for 63.47…I am not even in an area where it has flooded in the last 100 years…So my $3682.24 is worth $63.47 now? There is no way I am going to cash this unacceptable settlement check. Why do I still end up out $3600 and at the time told if I dont pay it they would foreclose on my house and charge me fees. How is any of this legit and then they can send me $63.47? Are you serious? I was a fulltime college student and ended up having to take a year off because I couldnt afford the classes because of this and ended up taking an extra year to get my degree and start making a decent wage because of this. THIS SETTLEMENT IS NOT ACCEPTABLE!
I called today and gave my info and was told my payment sent today from oregon to mass. Will update if i get check.
I seen this on American Greed, Scams and Scoundrels. Although its been posted for over a year a settlement has been reached you call the number posted and they say no settlements. You ask why is it posted on BOA web page a final settlement has been reached and it seems to offend them because you ask a question.
Its a new year, anyone received any checks yet? I haven’t.
I have sent the necessary paperwork and was told that I was in the lawsuit like everyone else. I waited and waited. Call toll free number and got the same response…still in appeals. That was 6 months ago. I wrote a comment on the ”Hall settlement page and received a email back telling me that I wasn’t in the group. I resent paperwork and still no response. What is the deal. I think someone and/or the court should send us a update. I call the 800# and get the same response. I haven’t received any check but was told I am part of lawsuit.