Florida Peninsula, Edison Insurance settlement interest $700K class action settlement

A $700,000 settlement has been reached between insurance customers and two insurance providers – Florida Peninsula Insurance and Edison Insurance — over claims they failed to properly pay interest. 

A single class of consumers has been established in the settlement. 

The class consists of all consumers who meet all of the following criteria:

• Were ensured with a property insurance policy issued by Florida Peninsula Insurance or Edison Insurance between Jan. 4, 2016, and April 21, 2022
• Made a claim for benefits that was settled in exchange for an executed release
• That executive release either did not provide a specific deadline for Florida Peninsula or Edison Insurance to provide payment, or expressly stated the payment would be provide within 20 days, and was not paid within 21 days
• No interest was paid in exchange for the executed release

The class excludes any people who are pursuing independent litigation against Florida Peninsula Insurance or Edison Insurance Company over the issue at hand. 

This Florida Peninsula and Edison Insurance Co. settlement will end claims the two companies have failed to pay interest on insurance settlements that the companies did not pay within 20 days, as is required by Florida law. 

Florida Peninsula Insurance Co. and Edison Insurance Co. deny all wrongdoing, but have agreed to settle the claims in order to avoid the continued costs and risks of litigation.

The companies have agreed to pay a settlement of $700,000 to the class members. Class members are eligible for settlement payments equal to 85% of the interest they allegedly should have received after 20 days for claims settled in exchange for an executed release.

The payments will be calculated using the number of days after receipt of release that the payment was made, and calculating the amount of interest that allegedly should have been due. 

In addition to the $700,000, the insurance companies have agreed to pay up to $644,000 to class counsel; $450,800 of this will come from Florida Peninsula Insurance Co., and $193,200 of this will come from Edison Insurance Co.

Class members are invited to attend a final fairness hearing in the Florida Peninsula and Edison Insurance Co. settlement, scheduled to occur July 26, 2022. The fairness hearing date is subject to change. If the date changes, no separate notice will be mailed to class members. 

The deadline to submit a claim is July 19, 2022.

The deadline to opt out of the settlement, submit a dispute or file an objection to the settlement is June 19, 2022.

Who’s Eligible

The class consists of all consumers who meet all of the following criteria:

• Were ensured with a property insurance policy issued by Florida Peninsula Insurance or Edison Insurance between Jan. 4, 2016, and April 21, 2022
• Made a claim for benefits that was settled in exchange for an executed release
• That executive release either did not provide a specific deadline for Florida Peninsula or Edison Insurance to provide payment, or expressly stated the payment would be provide within 20 days, and was not paid within 21 days
• No interest was paid in exchange for the executed release

Potential Award

Varies

Proof of Purchase

No proof of purchase applicable

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

07/19/2022

Case Name

Amy Bailey, Jessie T. Bailey, George Vanover, Alan Waldfogel and Marlene Waldfogel v. Florida Peninsula Insurance Company and Edison Insurance Company, Case No. CACE-21-000140, in the Circuit Court in the 17th Judicial Circuit in and for Broward County, Florida

Final Hearing

07/26/2022

Settlement Website

InsuranceReleaseSettlement.com

Claims Administrator

Class Counsel

Adam M Moskowitz Esq
Howard M Bushman Esq
Joseph M Kaye Esq
THE MOSKOWITZ LAW FIRM PLLC

Michael A Cassel Esq
CASSEL & CASSEL PA

Defense Counsel

Matthew C Scarfone
COLODNY FASS