Regions Bank Force-Placed Insurance Class Action Settlement

A settlement has been reached in a class action lawsuit accusing Regions Bank of force-placing excessive insurance policies on borrowers’ residential property when their policies had lapsed or otherwise provided inadequate coverage.

If you were charged by Regions Bank under a hazard or wind-only force-placed insurance policy for residential property between Jan. 1, 2009 and June 22, 2016, you may be entitled to benefits from this Regions Bank class action settlement.

In addition to Regions Bank, the following companies are listed as defendants in this force-placed insurance class action lawsuit: American Security Insurance Company, Standard Guaranty Insurance Company, and Voyager Indemnity Insurance Company (collectively the “Assurant defendants”).

The plaintiffs assert that Regions Bank required borrowers who hold a residential mortgage, home equity loan or line of credit to maintain a certain level of insurance coverage to protect its interest in the property.

If a borrower’s policy lapsed or if the borrower failed to provide evidence of acceptable coverage, Regions Bank would obtain insurance coverage for the property.

While it is not illegal for banks to place insurance on a property, the plaintiffs allege Regions Bank force-placed insurance in such a way that it would receive “kickbacks” from the Assurant defendants.

According to the force-placed insurance class action lawsuit, Regions Bank’s actions caused borrowers to pay increased rates for excessive coverage.

The defendants deny the allegations and maintain they did not violate the law with regard to their force-placed insurance practices.

However, they have agreed to settle the Regions Bank class action lawsuit to avoid the risk and expense of trial.

If you would like to exclude yourself from or object to the Regions Bank settlement, you must do so no later than Oct. 21, 2016.

Who’s Eligible

Class Members of the Regions Bank force-placed insurance settlement include borrowers in the United States who, between Jan. 1, 2009 and June 22, 2016 were charged by Regions Bank under a hazard or wind-only force-placed insurance policy for residential property, and who either paid Regions Bank the net premium for the policy or who did not pay and still owe Regions Bank the net premium for the policy.

Potential Award

Varies.

Claimants may receive either a cash payment or a credit toward what they owe Regions Bank, depending on whether they paid their force-placed insurance premium.

Class Members who were charged for a hazard or wind force-placed insurance policy on or before Oct. 31, 2013 will receive 12.5 percent of the net premium charged during the Class Period.

Class Members who were charged for a hazard or wind force-placed insurance policy on or after Nov. 1, 2013 will receive seven percent of the net premium charged during the Class Period.

Proof of Purchase

Class Members must affirm under the penalty of perjury that the information contained in the Claim Form is correct to the best of their knowledge. Some claimants may also be asked to provide verification of their identities. Carefully follow the instructions when filling out the Claim Form.

Claim Form

CLICK HERE TO FILE A CLAIM »

Claim Form Deadline

2/27/2017

Case Name

Ziwczyn, et al. v. Regions Bank, et al., Case No. 1:15-cv-24558-FAM, in the U.S. District Court for the Southern District of Florida

Final Hearing

11/22/2016

Settlement Website

www.ZiwczynSettlementInfo.com

Claims Administrator

Ziwczyn v. Regions Bank Settlement
c/o GCG
P.O. Box 10286
Dublin, OH 43017-5886
1-855-907-3253

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

Counsel for Regions Bank:
David B. Esau
CARLTON FIELDS JORDEN BURT PA