Important Settlement Update:
The Saccoccio Settlement received Final Approval from the Court on February 28, 2014. Per the terms of the Settlement and the Final Approval Order, the Settlement is not yet effective pending expiration of a time period for appeals. You can review a copy of the Final Approval Order on this website on the Court Documents page.
Final Approval has been granted in a Settlement of a class action against JPMorgan Chase Bank, N.A., Chase Insurance Agency, Inc., Assurant, Inc., American Security Insurance Company, Standard Guaranty Insurance Company, and Voyager Indemnity Insurance Company (collectively, “Defendants”).
Plaintiff 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. 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 and no finding that Defendants committed any wrongdoing.
United States District Court for the Southern District of Florida (the “Court”) granted final approval of the Settlement on February 28, 2014. Per the terms of the Settlement and the Final Approval Order, the Settlement is not yet effective pending expiration of a time period for appeals.
Who Is Included in the Settlement Class?
The Settlement Class consists of all borrowers in the United States who, between January 1, 2008 and October 4, 2013, were charged by the Chase Defendants as insureds or additional insureds under a hazard lender-placed insurance (“LPI”) policy for residential property and who, during the Class Period, either: (i) paid to the Chase Defendants the charged premium (net of refunds) for that hazard LPI Policy; or (ii) did not pay to and still owe the Chase Defendants the charged premium (net of refunds) for that hazard LPI Policy.
What are the Terms of the Settlement?
Per the terms of the Settlement, eligible Class Members, who did 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 also agreed to additional relief from which you may benefit. Please see the Class Notice for additional detail.
What Are Your Other Options?
The deadline to opt out of the Settlement, object to the Settlement, or submit a request to speak at the Fairness Hearing was January 15, 2014.
The United States District Court for the Southern District of Florida held a Fairness Hearing on February 14, 2014 and granted Final Approval of the Saccoccio Settlement on February 28, 2014. You can review the Final Approval Order on this website on the Court Documents page. Per the terms of the Settlement and the Final Approval Order, the Settlement is not yet effective pending expiration of a time period for appeals.
This website will be updated as additional information becomes available. Please check back periodically for important updates regarding the Settlement.