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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
Treina, keep us updated.
I was told by the Attorney in mid November they were going to start any mailing of checks UNTIL December started. Whether that means its all completed by the 7th , Im not certain.
I will keep you all updated if I get a check.
Has anyone received anything yet? We still have 2 weeks until the deadline. I still feel this is all a hoax. I will be surprised if and when there is something in my mailbox.
Well, I wish I had known about this, i never received anything. I had this same damn issue with them but never received anything by mail or phone call.
I’ve been waiting for more solid info, and so far, nothing. I’m beginning to think that it is all a hoax. They were willing to fleece everyone for their money and got caught, and now it’s time to pay it back. Why should we have to wait, give us our money now! Has anyone gotten a check? If so, good for you.
I was told by December 7, 2015 also, do anyone know around how much we are getting? Or how are they calculating our money?
UPDATE – The Settlement became Final and Effective on June 10, 2015. According to the Settlement Agreement, the Claims Administrator shall have one hundred eighty (180) days after June 10, 2015 to process all of the Claim Forms it receives and send payments out to eligible Claimants. Accordingly, payments will go out no later than December 7, 2015.
I was told the same information but payments will be mailed on Dec 6
Case was settled on June 10, 2015. Payments will be sent out December 7, 2015