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This settlement is closed!
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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
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42 thoughts onPNC Bank Force-Placed Insurance Class Action Settlement
I spoke with someone in the administrators office Wednesday and they claim that the checks were mailed out Tuesday, so people should begin receiving them either this weekend or early next week. We’ll see.
The settlement information website’s certificate is expired. No one returns phone calls or answers emails.
Does anyone have any idea if this was even legitimate? Thank you.
wouldn’t 180 days be Jan 6, 2017?
Am I correct that there is only 27 days left to the “within 180 days” from the date the appeal was dismissed?
Update thanks
Anyone know what’s going on with this lawsuit? I have provided all required documents and have yet to hear anything.
All I’ve gotten is the “run around” the last time I called this Heffler Claims, the so-called “administrator”. which was the end of last month. They claim that there are a few more “finishing touches” that they have to do before they can disburse the settlement money. They won’t say what these “finishing touches” are, however. I believe that they’re just deliberately holding on to the money just to draw interest on it, which they are putting in THEIR pockets. Based on their history, this Heffler Claims needs to be BANNED from administering any more class action settlements.
Update
Has anyone received a check yet? Thursday will be 30 days since the checks should have been sent out. (October 10th)
Sharon,
This so-called “settlement” is NOT passing my “smell test”. First, this so-called “administrator”, this Heffler Claims, inexplicably changed the claim filing deadline from it’s original date of June 8, 2016, to Sept. 9, 2016, and didn’t tell NOBODY. This means that they have probably been just sitting on the settlement monies, letting it accumulate interest, which NONE of we claimants will see one DIME of, at least since last summer. They have had MORE than ample time to process these claims and disburse the money. I’ve taken the liberty of checking out the reviews for this Heffler Claims on the Better Business Bureau’s website. What I have found out does NOT exactly “inspire” me with confidence. They have a litany of complaints that have been filed against them for basically doing just what they’re doing in this PNC Settlement, stalling and procrastinating about disbursing the money. Apparently, they’ve got a long, sordid history of pulling these sorts of shenanigans.
Everyone might as well say goodbye to that money.
My husband and I filed on time, with supporting documents. But, they never sent us a claim number. So, it is impossible to contact them without it. What can we do?
You should contact the settlement administrator with your questions. The settlement website has a “Contact Us” section where you can submit your inquiry: https://www.montoyasettlementinfo.com/contact/. You can also contact class counsel with your concerns. Counsel is listed in the article and can be Googled for contact information. Good Luck!
Who is processing the settlement checks in this matter? Where will the settlement checks be coming from? I am not usually home when the mail comes, but want to be sure to know what to look out for.
You should contact the settlement administrator with your questions. The settlement website has a “Contact Us” section where you can submit your inquiry: https://www.montoyasettlementinfo.com/contact/. Good Luck!
Inquiries go unanswered. That is why I tried asking here. Thank you, though.