JP Morgan Chase Hazard Insurance Lawsuit Settlement
The JP Morgan Chase hazard insurance settlement covers borrowers nationwide who paid for or were charged premiums for the company’s hazard insurance plans. In all, 762,390 people are part of the class. The settlement provides monetary relief on a claims-made basis, with class members receiving refunds and 12.5% of the net premium charged. Learn more about the lawsuit and how to join it.
Class-action lawsuit
If you’ve been paying excessive hazard insurance rates, you may be eligible to join a class-action lawsuit against JP Morgan Chase. The lawsuit accuses the bank of forcing customers to purchase this type of insurance at inflated rates, and giving them significantly less coverage than they need. Currently, five lenders are accused of forcing customers to purchase this type of insurance. In addition, a new law pending in the U.S. could help you receive a refund of the money you paid for your insurance.
The settlement was reached after the company entered into a settlement agreement with plaintiffs Rachel Cymbalista and Ariel Cymbalta. Although Chase denies the charges, the settlement does not acknowledge the merits of the lawsuit. This case was filed in the United States District Court for the Eastern District of New York. The plaintiffs filed the lawsuit in October 2013, but it was not settled until January 2020.
Class members
If you paid for force-placed hazard insurance, you may qualify to file a lawsuit. In this case, JP Morgan Chase and several affiliated companies are accused of improperly benefiting from reinsurance agreements, including those with Standard Guaranty Insurance Company and Voyager Indemnity Insurance Company. According to the complaint, the companies were unable to meet their contractual obligations and received unauthorized benefits from the reinsurance agreements.
The settlement offers class members fair compensation, but it also includes an injunction to stop the Defendants from engaging in similar schemes in the future. Unlike many other settlements, the terms of this settlement are favorable to class members. Under the settlement, class members will receive back 12.5 percent of the premiums they paid and receive any refunds. In addition to the payment, the settlement also requires Chase to cease from engaging in similar fraudulent practices for six years.
Class action settlement
The settlement is a win-win for plaintiffs who rely on hazard insurance from the lender. Class members will receive 12,5% of the yearly premium plus the excess, regardless of whether they paid the insurance premium directly to Chase or not. The settlement also contains injunctive relief that prevents the Defendants from engaging in similar schemes for at least six years. In the end, it is the strength of the settlement that weighs in the plaintiffs’ favor.
The Chase Settlement covers borrowers nationwide, including those who paid premiums and were subsequently charged for coverage. The class of people covered by the settlement is estimated at 762,390 individuals. As a result, each class member will receive monetary relief on a “claims-made” basis. The plaintiffs will receive refunds and 12.5% of the net premium charged. The settlement will not cover the attorneys’ fees, litigation expenses, or service awards.
Class action lawsuit against JP Morgan Chase
A California class action lawsuit against JP Morgan Chase is being filed on behalf of consumers who paid high premiums for hazard insurance policies. The lawsuit has broad class-wide coverage and is intended to protect homeowners across the country. This lawsuit alleges that Chase forced its customers to purchase hazard insurance policies that they later discovered were unnecessary. The class members are seeking to recover compensation for premiums paid, as well as any refunds due.
Originally, Blake and Orkis had taken out mortgages from JP Morgan and sued the bank for kickbacks in 2008. The class-wide case was filed in 2013 and settled out of court. The plaintiffs and Chase settled out of court, but the court has not yet determined whether the settlement is fair or correct. In any case, the lawsuit is timely because it was filed within a year of the violation.
The JP Morgan Chase hazard insurance settlement covers borrowers nationwide who paid for or were charged premiums for the company’s hazard insurance plans. In all, 762,390 people are part of the class. The settlement provides monetary relief on a claims-made basis, with class members receiving refunds and 12.5% of the net premium charged. Learn more…