Plaintiff has alleged, among other things, that when a borrower was required to have hazard property insurance pursuant to a residential mortgage or home equity loan or line of credit, and the borrower failed to provide evidence of acceptable coverage, Defendants would place hazard insurance in a manner whereby JPMorgan Chase Bank, N.A. and Chase Insurance Agency, Inc. (collectively, “Chase”) allegedly received unauthorized benefits from the Defendants issuing the hazard lender-placed insurance (“LPI”) policies. Plaintiff also alleges that the way in which LPI policies were obtained and placed caused the rates and the amount of coverage to be excessive
Case 1:13-cv-21107-FAM Document 59-1 Entered on FLSD Docket 09/06/2013 Page 2 of 106
fn1: The original plaintiffs to the Saccoccio Litigation first filed their claims against the same defendants in Barreto v. JPMorgan Chase Bank, N.A., No. 1:12-cv-22053-KMM (S.D. Fla.), on June 1, 2012. That case was voluntarily dismissed after the Judicial Panel on Multidistrict Litigation denied a motion by the Barreto plaintiffs to centralize all pending LPI litigation, and urged the parties to coordinate their efforts without assistance from the courts. After dismissing Barreto, Plaintiffs’ counsel in Barreto joined forces with other plaintiffs’ counsel and filed a consolidated case against five lenders and two insurers in Hall v. Bank of A.
What are the Terms of the Settlement?
Upon Court approval of the Settlement, eligible Class Members, who do not properly exclude themselves (“opt out”) of the Settlement, will receive a partial refund or credit in the amount of 12.5% of the net premium for each Class Member’s hazard LPI policy provided each Class Member submits a timely, valid, and properly completed Claim Form, including, for some claimants, providing a form of verification of their identity. The total cash benefit available to Class Members exceeds $300 million. Defendants have also agreed to additional relief from which you may benefit. Please see the Class Notice for additional detail.
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FULL COMPENDIUM BELOW—
