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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
On another site a gentleman from New England said he received his today. It was mauled from Rhode Island. So hopefully we shall be seeing them soon. Everyone on other site is saying between 600-1500.00. I will be happy with that.
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!
Can you figure out if someone gets denied? I still am unsure if we would be approved for compensation.
If you don’t mind me asking…where did the checks come from and what state do you live in?
I received my check today and it was 1500.00
What state are you in?
I received my check today. Check dated 12/07/2015 in the amount of 835.43. This should bring you relief in knowing you should get yours soon.
I received my check today 12/09/2015
meant 12/10/2015
David, if you don’t mind me asking, how much did you receive? (over $1000, under $1000?)
slightly under 1000.00
If checks were not mailed we can start a class action against the lawyers. Not following the judgment..
No checks yet. I emailed the attorneys a few months back with my claim number and my new address. I did receive a response back but havent seen anything yet.
I will be surprised if we see or get anything. I don’t believe this for one bit. No one has responded to anything we have asked.
What was their response, Christine?
Exactly we don’t know anything who gets a check, a credit how much nothing this entire process has been so unprofessional. The site is so outdated and general.
Well, today is December 7th. All checks should have been mailed out as of today. We, some of us, should be seeing checks coming in within the next 2-3 days. Is this a hoax, it went before a judge and has final approval, so I doubt it. However, what recourse do we have if they don’t follow the court’s order? Guess we will see. Hoping someone will post an update if they receive a check, and include details.
We shall see Andrea waiting on an update from someone since we can never get any valid info on the website everything is so general and don’t dare leave a message because you never get a call back.
I’ve left numerous messages with no call backs, just as others have. I don’t know how confident I was that I’d get a call back. I would really Ike to know how they determine who gets a check and who gets a credit? Because I want to be sure it’s credited.