IF YOU WERE CHARGED BY BANK OF AMERICA OR COUNTRYWIDE HOME LOANS FOR A LENDER-PLACED HAZARD INSURANCE POLICY ISSUED BETWEEN JANUARY 1, 2008 AND FEBRUARY 3, 2014 FOR YOUR RESIDENTIAL PROPERTY, AND YOU PAID ALL OR A PORTION OF THE PREMIUMS FOR THAT POLICY TO BANK OF AMERICA OR COUNTRYWIDE AT THAT TIME, YOU COULD RECEIVE A PAYMENT FROM A CLASS ACTION SETTLEMENT.
IF YOU WERE CHARGED BY BANK OF AMERICA OR COUNTRYWIDE HOME LOANS FOR A LENDER-PLACED HAZARD INSURANCE POLICY ISSUED BETWEEN JANUARY 1, 2008 AND FEBRUARY 3, 2014 FOR YOUR RESIDENTIAL PROPERTY, AND YOU DID NOT PAY AND STILL OWE THE PREMIUMS FOR THAT POLICY, YOU COULD RECEIVE A PAYMENT OR A CREDIT TOWARDS WHAT YOU OWE BANK OF AMERICA.
Final approval has been granted in a settlement of a class action lawsuit against Bank of America, N.A., and Banc of America Insurance Services, Inc. (the “Bank of America Defendants”), and Balboa Insurance Company, QBE FIRST Insurance Agency, Inc., and QBE Insurance Corporation (the “QBE Defendants”) (all together, the “Defendants”). The Settlement in the lawsuit involves lender-placed hazard insurance (“LPI”). Plaintiffs in the lawsuit alleged that when a borrower failed to provide proof of adequate hazard insurance, Defendants placed hazard insurance for those borrowers in such a way that the premiums charged for the lender-placed insurance were excessive. All Defendants deny any wrongdoing and assert that their actions are fully authorized under the mortgage instruments and by law. There has been no court decision on the merits of this case and no finding that Defendants committed any wrongdoing.
Both sides have agreed to a Settlement to avoid the cost and risk of a trial, and so that borrowers can get benefits in exchange for releasing Defendants from liability.
The purpose of this website is to inform you about the proposed Settlement of this class action lawsuit. This website explains the lawsuit, the Settlement, your legal rights, what benefits are available, who may be eligible for those benefits, and how to get them.
If you were charged a premium by Bank of America, N.A., BAC Home Loans Servicing, LP, or Countrywide Home Loans Servicing, LP (collectively “Bank of America”) for lender-placed hazard insurance coverage on your residential property issued between January 1, 2008 and February 3, 2014 by Balboa Insurance Company, Meritplan Insurance Company, Newport Insurance Company, QBE Insurance Corporation, QBE Specialty Insurance Company, Praetorian Insurance Company, or one of their affiliates (collectively, “QBE”), this Settlement will provide you with an opportunity to claim benefits in the form of either a payment by check or a credit towards what you currently owe Bank of America.
If you would like further information about the claims asserted in this lawsuit, you can review copies of the Complaint, the Motion for Preliminary Approval of the Settlement, and the Settlement Agreement here .
NOTICE: This website provides a summary of the Settlement and is provided for informational purposes only. In the event of any discrepancy between the text of this website and the original text upon which it is based, the text of the original document shall prevail.
Questions? Contact the Settlement Administrator at 1-888-286-8194