Top Class Actions’s website and social media posts use affiliate links. If you make a purchase using such links, we may receive a commission, but it will not result in any additional charges to you. Please review our Affiliate Link Disclosure for more information.
This settlement is closed!
Please see what other class action settlements you might qualify to claim cash from in our Open Settlements directory!
PNC Bank has agreed to pay $32.3 million in order to settle a class action lawsuit that alleged the mortgage lender charged customers an excessive rate for home force-placed insurance coverage, while the financial institution received “kickbacks.”
Force-placed insurance is generally placed on a property by the mortgage lender when the borrower’s insurance policy lapses or when the homeowner’s insurance policy is not acceptable to the lender.
Lead plaintiff Enrique Montoya filed the PNC Bank force-placed insurance class action lawsuit claiming that PNC Bank N.A., National City Mortgage Company, National City Insurance Group Inc., Allinco Inc. and Alpine Indemnity Limited charged borrowers a higher rate in order to allegedly receive an unauthorized benefit.
The PNC Bank class action lawsuit settlement is open to all Class Members who were charged for hazard, flood, flood gap or wind only force-placed insurance issued by American Security Insurance Company, Voyager Indemnity Insurance Company, or Standard Guaranty Insurance Company or another insurer and paid all or a portion of that policy to PNC.
PNC Bank as well as the other named defendants in the force-placed insurance class action lawsuit expressly deny the allegations and further assert that all of their actions have been fully authorized under the mortgage instruments and by law. However, they have agreed to the terms of the PNC Bank class action lawsuit settlement in order to avoid the cost of further litigation.
UPDATE: The PNC Bank class action settlement was granted final approval on April 13, 2016.
Who’s Eligible
PNC Bank force-placed insurance class action settlement is open to all Class Members who made at least one full monthly mortgage payment to PNC and were charged for force-placed insurance between Jan. 1, 2008 and Sept. 30, 2015. According to the settlement, this includes more than 130,000 borrowers.
Class Members also include homeowners who during the Class Period were charged for the force-placed insurance but have not paid for it and still owe money. Those Class Members are eligible for a reduction of what they currently owe to PNC in the amount of 12.5 percent.
Potential Award
Varies.
PNC Bank has agreed to provide a cash award or credit to each force-placed class action settlement Class Member in the amount of 12.5 percent of the Net Premium charged to that individual during the Class Period.
Proof of Purchase
N/A
PNC Bank class action settlement Class Members must submit a valid Claim Form and answer the questions truthfully under penalty of perjury. Some Class Members may be asked to verify their identity.
Claim Form
Claim Form Deadline
09/08/2016 UPDATED
Case Name
Enrique Montoya, et al. v. PNC Bank N.A., et al., Case No. 1:14-cv-20474-JG, in the U.S. District Court for the Southern District of Florida
Final Hearing
03/09/2016
Settlement Website
www.MontoyaSettlementInfo.com
Claims Administrator
Montoya v. PNC Bank N.A. Settlement Administrator
P.O.Box 1100
Philadelphia, PA 19105-1100
888-665-1127
Class Counsel
Adam M. Moskowitz
KOZYAK, TROPIN & THROCKMORTON, P.A.
Aaron S. Podhurst
PODHURST ORSECK, P.A.
Lance A. Harke
HARKE CLASBY & BUSHMAN LLP
Defense Counsel
Frank G. Burt
CARLTON FIELDS JORDEN BURT, P.A.
Jack B. Cobetto
REED SMITH LLP
ATTORNEY ADVERTISING
Top Class Actions is a Proud Member of the American Bar Association
LEGAL INFORMATION IS NOT LEGAL ADVICE
Top Class Actions Legal Statement
©2008 – 2024 Top Class Actions® LLC
Various Trademarks held by their respective owners
This website is not intended for viewing or usage by European Union citizens.
42 thoughts onPNC Bank Force-Placed Insurance Class Action Settlement
The PNC settlement appeals were dismissed on July 11, 2016. The FAQs on the settlement website state that account payments or cash awards will be issued within 180 days after appeals are resolved.
Will those of us who filed the claim on time receive interest in our payment? They have the money. Apparently the lawyers breached; did not notify recipients; we can’t reach anyone, and we signed a legal document with terms.
Will those who complied on time, like we did, receive interest included in payment? Since the money is sitting around because the lawyers, for some reason, breached and did not notify recipients of changes. We did sign a legal document, with terms.
With any account, statements are typically stored for designated period of time. After that time period the information is purged. Because of this, it is the account holder’s responsibility to maintain a record of their account’s history after a certain period of time in case that information is needed for future reference. – Anil (PNC)
I just think this claim administration dont want to pay up….i tried but i am happy that u guys know checks are on the way. They seem to be in a rush for 10/10.
Wish i can post the letter. This forum don’t. Accept graphics? ?
I’m sure that you’re right baby but that SUCKS. I guarantee if you MISS a payment, they’ll keep a record of THAT from now on! I hate pnc with a passion. Hope you find an old receipt or something.
Thank yoy Donald. Still looking. But my weird question. If they can’t. Find my info….how in the heck the admin knows who hand PNC or not? It’s. One big mess. I will keep looking.. Thanks. But yall payday is coming ;)
Just got a letter from pnc stating I need to supply another old mortgage statements by 10/10. Unfortunately i can’t. Find another old one. My mortgage was sold 3 times to different companies. Anyway it must be a sign that payment is coming. My claim form was 1736. Good luck..i will try to find another old mortgage statements. But it’s. Like looking for a needle in a haystack.. I think they don’t. Want to pay up…pissed but hope this was some info… I got the mail today.
Yolanda, I don’t see any reason why you can’t contact your mortgage company to obtain a copy of your statements; after all, your statements come from them in the first place. Good luck.
180 days from the final approval date is October 10, 2016. That is the latest the checks would be disbursed, correct?
I’m not sure exactly what kind of games these lawyers are playing Lisa. They have now changed the claim filing deadline to Sept. 9, 2016. This may also affect the final approval date. It could very well be 180 days from this new claim filing deadline.
so now we wait even longer because the lazy people couldn’t get their claim in by the deadline. NICE.. Everyone can kiss getting more than a dollar back goodbye.
When are the attorneys going to implement the Judges wishes and stop pretending to be God? MARCO
I agree, this is ridiculous. The claim filing deadline was June 8th. The checks should have been disbursed by now. I think these lawyers and administrators are deliberately procrastinating just to draw the interests on the settlement money. Of course, we wont see a penny of that.
Does anyone know when the checks will be mailed out?
UPDATE: The PNC Bank class action settlement was granted final approval on April 13, 2016.
please verify receipt of claim number 308520CBVS7B5
please contact Kozyak Tropin & ThrockMorton for more information regarding the class action 305-372-1800
Is this my file #?