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This settlement is closed!
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A settlement has been reached in a class action lawsuit alleging HSBC Bank USA NA and others forced hazard insurance on homeowners. If you were charged for lender-placed insurance by HSBC Bank and/or its affiliates, you could be eligible for benefits from the force-placed insurance class action settlement.
Force-placed insurance policy practices by banks and loan providers are currently under scrutiny nationwide in light of consumer allegations of overcharging customers for minimal coverage. Many homeowners allege that HSBC Bank USA NA illegally overcharged them for forced placed insurance policies and as a result have joined a forced-placed insurance class action lawsuit.
Lead plaintiff Darlene Diaz filed the HSBC force-placed insurance class action lawsuit a year ago in Florida’s federal court, alleging HSBC and Assurant Inc. forced exceedingly expensive insurance policies onto their homeowners in order to reap extensive profits.
While bank or mortgage lender can force-place an insurance policy on properties they finance when a homeowners’ insurance lapses, the loan provider cannot charge more than what it necessary to insure the house. In the HSBC force-placed insurance class action lawsuit, Diaz alleges Assurant and Assurant subsidiaries agreed to artificially increase a borrower’s insurance premiums and in turn HSBC would receive insurance kickbacks.
HSBC and Assurant have denied liability, but have agreed to pay a class action settlement to avoid court expenses and ongoing litigation.
Who’s Eligible
You are a Class Member of the HSBC Force-Placed Insurance Class Action Settlement if you were charged for a lender-placed hazard insurance policy (LPI Policy) by HSBC and its affiliates, which was then issued by Assurant Inc. or its subsidiaries between Jan. 1, 2005, and March 24, 2014.
Potential Award
Varies:Â
Class Members who paid for a portion of or all of the charges on a hazard LPI policy are eligible to receive 13% of the net premium of said policy.
Class Members who were charged for a hazard LPI policy but who did not pay for said policy are eligible for 6% of the net premium of the hazard LPI policy.
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Proof of Purchase
To qualify for compensation from the HSBC Force-Placed Insurance Class Action Lawsuit, you must fill out and submit a Claim Form online or by mail postmarked no later than 60 days from the Court granted final approval TBD.
Claim Form Deadline
12/29/2014
Case Name
Javier Lopez, et al. v. HSBC Bank USA NA, et al., Case No. 1:13-cv-21104, in the U.S. District Court for the Southern District of Florida.
Final Hearing
09/18/2014
Settlement Website
www.DiazSettlementInfo.com
Claims Administrator
Diaz v. HSBC Bank USA Claims Administrator
P.O. Box 43193
Providence, RI 02940-3193
1-888-548-5505
Class Counsel
Adam M. Moskowitz
Tucker Ronzetti
Rachel Sullivan
Robert J. Neary
KOZYAK TROPIN & THROCKMORTON PA
Aaron S. Podhurst
Peter Prieto
John Gravante III
Matthew Weinshall
PA PODHURST ORSECK PA
Lance A. Harke
Sarah Engel
Howard M. Bushman
HARKE CLASBY & BUSHMAN LLP
Defense Counsel
Lisa M. Simonetti
STROOCK & STROOCK & LAVAN LLP
Frank G. Burt
Farrokh Jhabvala
CARLTON FIELDS JORDEN BURT
UPDATE: The HSBC force-placed insurance settlement received final approval on Oct. 29, 2014.
UPDATE 2: On Dec. 10, 2015, readers began reporting that they were receiving checks in the mail from the HSBC class action settlement. Congratulations to everyone who submitted a valid claim and got PAID!
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76 thoughts onHSBC Bank Force-Placed Insurance Class Action Settlement
It will come soon
has anyone received check?
The site is NEVER update, we never receive any response or answer as to when checks will go out. This is so unprofessional what is really going on will we be paid or what????
OK. It has been months and still no money. Have we been sold out?
i received a check but my bank is holding cause they cant get ahold of bank that issued check
Tricia, when did you receive your check? I have yet to receive anything.
Tricia, when did you receive a check and was it worth all this headache we are going through?
I don’t believe you. If you received a check you would be giving more information and the amount that you received. ……,………….i spoke with Carol at the attorney office today at 11:00 and she said that it could be six months to a year before payments will be recieved due to HSBC appeals.
When will we receive our checks? I need my money!
So how much are we looking at getting from this? With all the trouble I have had with HSBC I want every penny owed.
Just read hsbc appealed, so checks will be delayed
When will payments be sent out since the final decision has been made?
I have paperwork from hsbc now trying to collect on credit card bill that was supposed to have been paid by hsbc card security, that was taken out of payments / insurance/ which was never able to use, and I was disabled in 2011 by a stop sign runner, liked to have killed us, if you will check hsbc records you will probably find that I am eligible for pay from hsbc
UPDATE: The HSBC force-placed insurance settlement received final approval on Oct. 29, 2014.