Chase Force-Placed Insurance Class Action Lawsuit Settlement
The charge in this case is that JP Morgan Chase and Assurant charged more to homeowners. These are homeowners who bought the force-placed business insurance. The amount of the settlement is $300 million. So far the case has only been preliminarily approved. The final approval hearing will be on February 14, 2014. The original lawsuit that was filed in 2012 is also known as the Salvatore Saccoccio et al. v. JP Morgan Chase Bank NA, et al. The case number is 1:13-cv-21107. The charge also is that the companies made more than $1 billion over a period of five years.
If the Chase Force-Placed Insurance Class Action Lawsuit Settlement is approved, then all those who are eligible to get compensation will be given 12.5% cash in the form of refunds. Those who are eligible are the customers who paid the premium for the force placed insurance. Those who did not actually pay the charges would get a 12.5% credit. It does not matter if you still have the house or if you have lost it. Because of this case, Chase will no longer allow the insurance agents to get commissions. The attorneys fees in this case will not exceed $20 million.
Since this case has just been preliminarily approved, there is not much information that is out there about what needs to be done by those who are considered class members. By class members I mean that all those who are eligible to take part and get the compensation either in the form of cash refunds or credit. As a class member, there are some legal actions that you will be able to take. One of them of course is to take part. Usually when you wish to get the benefits, you will be asked to fill out a claim form. In many instances also, you will be asked to submit documents of proof together with your claim form. In most instances, you will be able to file online. You will also most likely be given the option to download the claim form and submit it via regular mail. I myself prefer to fill it out online. For me that is easier. However, if you prefer to download and submit via regular mail that is okay to. What you need to be careful of is the deadline. If you do have to fill out a form, then you must do so by the deadline. If you miss the deadline, you will not get anything.
Another common legal action that most class members take is to exclude themselves from the case. What this does is to give them the chance to sue the company if they want. This also provides them with the opportunity to take part in other lawsuits against the company on similar issues. There is also a deadline to do this. That deadline is January 15, 2014. Missing this deadline will also deny you this ability. So this is also another important deadline that you have to keep in mind. When you exclude yourself, you cannot do this online. You will have to submit a letter detailing what you want to do. In fact there is specific information that has to be included for it to be considered valid.
If you decide that you do not wish to take any kind of legal action at all, then you will basically forfeit everything. This means that you will not get any cash refunds or even any credit. You will also not be able to bring your own legal action against the company. In addition you will not be able to object and tell the court why you do not like the Chase Force-Placed Insurance Class Action Lawsuit Settlement. In addition you will also not be able to attend the Final Approval Hearing. Usually when you are a class member in any class action lawsuit settlements, my advice is to always apply for the benefits. It is better to get something than nothing at all. Even though filling out the claim forms can be tedious, it is well worth it. You have to take some time to fill it out as inaccurately filled ones will either be considered invalid or will be returned to you for you to make corrections. So whatever you decide to do, wait for the information to be available online on how you can take any of the legal actions that I mentioned above.
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