U.S. Bank Force-Placed Insurance Class Action Settlement

A settlement has been reached in a class action lawsuit alleging U.S. Bank NA received unauthorized benefits by imposing force-placed insurance policies on borrowers who lacked acceptable coverage.

If you were charged by U.S. Bank for lender-placed insurance issued by American Security Insurance Company, Voyager Indemnity Insurance Company or Standard Guaranty Insurance Company (collectively the “Assurant defendants”), you may be eligible for benefits from the class action settlement.

The U.S Bank class action lawsuit involves force-placed insurance (also called lender-placed insurance), which is insurance placed on a borrower’s property when the borrower’s insurance lapses or when the borrower fails to maintain an insurance policy that is acceptable to the mortgage lender.

According to the force-placed insurance class action lawsuit, U.S. Bank placed the insurance on borrowers’ property in such a manner that the bank would receive an unauthorized benefit and get “kickbacks” in the form of commissions from the Assurant defendants. The plaintiffs also allege that the manner in which the force-placed insurance policies were obtained and placed caused the cost and amount of coverage to be excessive.

The defendants deny the allegations and maintain that their conduct was not unlawful. However, they have agreed to settle the force-placed insurance class action settlement to avoid the risk and expense of trial.

Who’s Eligible

Class Members of the U.S. Bank force-placed insurance settlement include all U.S. borrowers who, between April 8, 2009 and June 30, 2015, were charged by U.S. Bank under a hazard, flood, flood-gap or wind-only lender-placed insurance (LPI) policy for residential property, and who either paid to U.S. Bank the net premium for that LPI policy or who did not pay and still owe U.S. Bank the net premium for the LPI policy.

NOTE: If you were a Class Member in Stephen Ellsworth v. U.S. Bank NA, et al., Case No. 3:12-cv-02506-LB, in the U.S. District Court for the Northern District of California, you are not eligible to participate in this class action settlement.

Potential Award

Varies, depending on the type of policy that was placed and the date the force-placed insurance policy was placed on your property:

• If you were charged for a hazard force-placed insurance policy on or before Nov. 30, 2011, you will receive 12.5 percent of the net premium.
• If you were charged for a flood, flood-gap or wind force-placed insurance policy on or after Dec. 1, 2011, you will receive seven percent of the net premium.
• If you were charged for a flood, flood-gap or wind force-placed insurance policy between Apr. 8, 2009 and June 30, 2015, you will receive seven percent of the net premium.

Class Members who submit timely and valid claims will receive either a cash payment or a reduction in the amount they currently owe U.S. Bank.

Proof of Purchase

Class Members may be asked to provide a copy of a valid form of identification, a copy of a U.S. Bank mortgage statement, the signature of a witness over the age of 18 or a completed notary verification.

Claim Form

CLICK HERE TO FILE A CLAIM »

Claim Form Deadline

11/28/2016 (NEW)

UPDATE: On May 13, 2016, the final hearing has been reset for 8/30/16. 

UPDATE 2: A federal judge granted final approval of a $28 million settlement wrapping up a U.S. Bank force-placed insurance class action lawsuit.

Case Name

Philip Jackson, et al. v. U.S. Bank NA, et al., Case No. 1:14-cv-21252, in the U.S. District Court for the Southern District of Florida

Final Hearing

8/30/2016  (NEW)

Settlement Website

www.JacksonSettlementInfo.com

Claims Administrator

Claims Administrator
c/o Rust Consulting
P.O. Box 2469
Faribault, MN 55021-9169
1-877-877-0460

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 U.S. Bank:
Skip Durocher
DORSEY & WHITNEY LLP

Counsel for Assurant Defendants:
Frank G. Burt
CARLTON FIELDS JORDEN BURT PA