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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
not what I expected but better than nothing a little less than $1000, received yesterday
Received mine today. Was delayed a bit since I had moved. The check was for over $1,300. My bank, however is telling me there’s a good chance it’s a fake. They’ve put a 10 day hold on it.
Got 2500.00i
Haven’t received mine yet, trying to be cool about it
rick what state are you in?
Georgia
well I shouldn’t worry that much, I am in Tennessee
OMG, where is my freaking check?!!?
Got two checks, one for $65.65 and the other for $26.45. Better than nothing…
Received a check today for $14.40 what a waste of freaking time. I really wonder how they calculated how much ppl got. All this time we waited and I get a darn $14 dollar check. Highly disappointed.
I received a check today over $1400 and I went right to Bank of America and cashed it.
No problems with it coming back as fraudulent? My bank’s holding mine for 10 business days.
Got a check for $13.00 yesterday….woohoo
I got mine today, it was for $28.07. Not what I expected. Gas tank here it comes.