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This settlement is closed!
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A proposed settlement has been reached in a class action lawsuit alleging Select Portfolio Servicing Inc. (SPS) force-placed insurance on borrowers’ property in such a way that SPS received an unauthorized benefit.
If you were charged by Select Portfolio Servicing for a lender-placed insurance policy for your residential property between July 11, 2010 and Oct. 15, 2015, and you did not pay but still owe the premium for that policy, you may be eligible for benefits from this class action settlement.
Force-placed insurance, also called lender-placed insurance, is a type of insurance (in this case hazard or wind-only) that is placed on a borrower’s property when the borrower’s insurance policy lapses, or when the borrower fails to maintain an insurance property that is acceptable to the mortgage lender.
When a lender-placed insurance policy is placed on a homeowner’s property, Select Portfolio Servicing pays premiums to the insurance company that writes the policy, and SPS charges the borrowers for those premiums.
The plaintiffs allege SPS force-placed insurance policies so that it received an unauthorized benefit in the form of “kickbacks” from the Assurant defendants. These kickbacks allegedly took the form of commissions, profits or other income or benefits from the Assurant defendants.
The defendants deny any wrongdoing but agreed to settle the force-placed insurance class action lawsuit to avoid the cost and risk of trial.
Who’s Eligible
Class Members of the Select Portfolio Servicing settlement include the following:
“All Borrowers in the United States who, within the Class Period [July 11, 2010 through Oct. 15, 2015], were charged by SPS under a hazard or wind-only LPI Policy for Residential property and who, within the Class Period, either (i) paid to SPS the Net Premium for that LPI Policy or (ii) did not pay to and still owe SPS the Net Premium for that LPI Policy.”
If you meet this definition but your account was credited fully for premiums charged or if the charges were fully reversed, you are not eligible for benefits from this class action settlement.
Under the terms of the class action settlement, “Net Premium” refers to the amount of premium charged for a force-placed insurance policy during the Class Period, minus any refund paid or credited to the Class Member.
Potential Award
Varies.
Eligible Class Members who file timely and valid Claim Forms will receive a cash award or a credit of an amount equal to 12.5 percent, 6.5 percent or 5 percent of the net premium they were charged by SPS during the Class Period.
The percentage amount each Class Member will receive depends on when they were charged and what type of force-placed insurance policy they received.
Proof of Purchase
Class Members may be asked to provide verification documentation when submitting a Claim Form.
Claim Form
Class Members who would prefer mailing in their Claim Form, can download a printable version here!
Claim Form Deadline
No earlier than July 25, 2016.
Case Name
Juan Almanzar, et al. v. Select Portfolio Servicing Inc., et al., Case No. 14-cv-22586-Moreno, in the U.S. District Court for the Southern District of Florida
Final Hearing
03/25/2016
Settlement Website
www.AlmanzarSettlementInfo.com
Claims Administrator
Claims Administrator
c/o Rust Consulting
P.O. Box 2445
Faribault, MN 55021-9140
1-855-287-1273
Class Counsel
Adam M. Moskowitz
KOZYAK TROPIN & THROCKMORTON PA
Aaron S. Podhurst
PODHURST ORSECK PA
Lance A. Harke
HARKE CLASBY & BUSHMAN LLP
Defense Counsel
Counsel for Select Portfolio Servicing:
Thomas M. Hefferon
David S. Kantrowitz
GOODWIN PROCTER LLP
Counsel for Assurant Defendants:
Frank G. Burt
CARLTON FIELDS JORDEN BURT PA
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24 thoughts onSelect Portfolio Servicing Force-Placed Insurance Settlement
I was not contacted about this suit, I also was charged 2 years of forced insurance I am still fighting over with SPS please contact me.
mloucagle@gmail.com
Long wait, finally received payment today , Texas, Saturday 09-16,.long envelope
After speaking with rust consulting and being told that the attorneys office is the one mailing the checks and that everything is done on rust consultings end, I emailed the attorneys office and was told that their best guess is the checks will be mailed out in late fall , early winter. Which probably means 2018. I was told my amount back in October 2016. Why on earth should it take a year and a half to mail out payments when they already know how much to pay people. These places just hold on to the funds so they can gain interest on the money. Maybe if attorneys didn’t get paid until everyone else is paid, things would move along faster. This whole process is absolutely ridiculous.
Any updates TOP CLASS?
The settlement received final approval in March 2016. No appeals were filed. You should contact the settlement administrator or class counsel with any questions about the status of your claim. Good luck!
I need to know if there has been any progress in this settlement and if there has been any checks mailed out yet.
We recommend contacting the settlement administrator or class counsel for a status update on your claim. Good luck!
Top Class
Any information, please
I haven’t heard anything about the status of my claim either. I find it VERY bizarre that the website has been taken down…the toll free number still works but it’s a mere recording of the verbiage that was on the previous website. No help at all!
Here’s another interesting tidbit—I googled the claims administrator and found they had previous issues with distributing settlement payments! I went to their website and attempted to email them directly but guess what, when you select “ask about a specific case” the link won’t allow you to submit an inquiry. I’m so fed up with these deceitful companies!
Send email requesting information to , mcm@kttlaw.com, this is the attorneys office that represents the class action members, she has answered my questions.
wish some one would call or let people know wats going on i left several mess. and no reply please contact me with info. on lawsuit 919-429-8280 or mkiewert@gmail.com attorneys should contact same people they contacted about lawsuit by letter or email with a settlement of over 4 millions dollars they have time too,the web site has been thken down as well as phone numbers of attorneys i payed ins. prems. and still do thank you
Update please
you send in claim and then here nothing i have left several mess. but no one will call or email you back what are we to do ???it seams they want a lot of class members to get a large pay out for attorney fees please let us know something mkiewert@gmail.com
I want know when will I here something about the class action case How will I know if my claim was filed.
Have all appeals been resolved in this class action case? I have not heard anything since I filed my claim.
i dont think any one has heard anything the attorneys for class council there phone number has been removed if anybodys heard from them let us know please thank you mike kiewert 919 429 8280 mkiewert@gmail.com