Greater New York Mutual Insurance depreciation class action settlement

Update:

• The court granted this settlement final approval on Oct. 26, 2023.

• Let Top Class Actions know when you receive a check in the comments section below or on our Settlements & Payouts Facebook group.

Greater New York Mutual Insurance Co. agreed to a class action lawsuit settlement to resolve claims it improperly deducted depreciation on commercial property insurance claims.

The settlement benefits policyholders under commercial property insurance policies issued by Greater New York Mutual Insurance Co. who made a structural loss claim for property in Illinois between Jan. 1, 2019, and Sept. 23, 2021, that resulted in an actual cash value that withheld nonmaterial depreciation. 

Plaintiffs in the class action lawsuit claim that Greater New York Mutual wrongfully deducted nonmaterial depreciation from labor on commercial property damage claims. This practice allegedly resulted in lower payments for policyholders.

Greater New York Mutual Insurance Co. is a commercial insurance company that has been offering coverage since 1914.

Greater New York Mutual Insurance hasn’t admitted any wrongdoing but agreed to pay an undisclosed sum to resolve the depreciation class action lawsuit.

Under the terms of the settlement, class members can receive a full refund for the nonmaterial depreciation that hasn’t been paid in addition to 5% simple interest. No settlement payment estimates are available at this time.

The deadline for exclusion and objection was Sept. 26, 2023.

The final approval hearing for the class action lawsuit settlement was held Oct. 26, 2023.

In order to receive settlement benefits, class members must submit a valid claim form postmarked by Dec. 4, 2023, or submitted online by Dec. 11, 2023. 

Who’s Eligible

Policyholders under commercial property insurance policies issued by Greater New York Mutual Insurance Co. who made a structural loss claim for property in Illinois between Jan. 1, 2019, and Sept. 23, 2021, that resulted in an actual cash value that withheld nonmaterial depreciation

Potential Award

Varies

Proof of Purchase

N/A

Claim Form

NOTE: If you do not qualify for this settlement do NOT file a claim.

Remember: you are submitting your claim under penalty of perjury. You are also harming other eligible Class Members by submitting a fraudulent claim. If you’re unsure if you qualify, please read the FAQ section of the Settlement Administrator’s website to ensure you meet all standards (Top Class Actions is not a Settlement Administrator). If you don’t qualify for this settlement, check out our database of other open class action settlements you may be eligible for.

Claim Form Deadline

12/11/2023

Case Name

Danshir LLC, et al. v Greater New York Mutual Insurance Co., Case No. 21-cv-01158, in the U.S. District Court for the Northern District of Illinois

Final Hearing

10/26/2023

Settlement Website

GNYDepreciationSettlement.com

Claims Administrator

GNY Settlement Administrator 
c/o Atticus Administration
PO Box 64053
St. Paul, MN 55164
GNYDepreciationSettlement@atticusadmin.com
800-379-4946

Class Counsel

David T. Butsch 
Christopher E. Roberts 
BUTSCH ROBERTS & ASSOCIATES LLC

Joseph Snodgrass 
SNODGRASS LAW LLC

James X. Bormes Law 
OFFICE OF JAMES X BORMES PC

Defense Counsel

Matthew S. Ponzi 
FORAN GLENNON PALANDECH PONZI & RUDLOFF PC