Kessler Topaz Meltzer & Check, LLP Announces A Class Action Settlement With Santander Bank, N.A., Formerly Known as Sovereign Bank, N.A. Regarding Lender-Placed Hazard Insurance Policies Issued on Residential Properties
NEW YORK, Sept. 10, 2015 /PRNewswire/ --
LEGAL NOTICE
If you were charged by Santander Bank, N.A., formerly known as Sovereign Bank, N.A., for a lender-placed hazard insurance policy issued for your residential property between July 11, 2007 and December 31, 2014, you may be entitled to benefits under a class action settlement.
THIS NOTICE MAY AFFECT YOUR LEGAL RIGHTS.
PLEASE READ IT CAREFULLY.
A FEDERAL COURT AUTHORIZED THIS NOTICE.
THIS IS NOT A SOLICITATION FROM A LAWYER.
WHAT IS THIS CASE ABOUT?
A proposed settlement ("Settlement") of a putative class action against Santander Bank, N.A., formerly known as Sovereign Bank, N.A. ("Santander"), and American Modern Insurance Group, Inc. and Atlas Insurance Agency, Inc. (the "AMIG Defendants" or "AMIG") (as to all Santander and the AMIG Defendants, "Defendants") has been reached in the United States District Court for the Eastern District of Pennsylvania, in the action Laffan v. Santander Bank, N.A., No. 13-cv-04040-JLS.
Plaintiff Gerard Laffan ("Plaintiff") alleges, among other things, that when a borrower was required to have hazard insurance pursuant to a residential mortgage, and the borrower failed to provide evidence of acceptable coverage, Santander would obtain lender-placed hazard insurance policies ("LPHI Policies") in a manner that enabled Santander to receive unauthorized benefits from the AMIG Defendants, whose affiliates issued the LPHI Policies. Plaintiff also alleges that the way in which the LPHI Policies were obtained and placed caused the LPHI charges and the amount of coverage to be excessive. Defendants deny any wrongdoing and assert that their actions are fully authorized under the terms of the loans and by law. There has been no court decision on the merits and no finding that the Defendants committed any wrongdoing.
WHAT DOES THE PROPOSED SETTLEMENT PROVIDE?
As part of the Settlement, Defendants have agreed to provide settlement payments to Settlement Class Members from a $1.5 million Settlement Fund established under the terms of the Settlement Agreement. Each Settlement Class Member will be entitled to a Settlement Payment in the amount of the percentage of his or her Individual Net Premium relative to the Total Net Premium charged to all Settlement Class Members, as those terms are defined in the Settlement Agreement. Settlement Class Members do not need to submit a claim form in order to receive a settlement payment. Attorneys' fees and costs for the lawyers representing the Settlement Class, a service award to the Plaintiff, and the costs of administering the Settlement will also be paid out of the Settlement Fund. Defendants also have agreed to additional relief from which you may benefit, including certain commitments regarding placement of LPHI Policies. For more details regarding the settlement payment, the Settlement Fund, and other benefits provided under the Settlement, you may go to www.LaffanForcePlacedInsuranceSettlement.com.
ALL SETTLEMENT PAYMENTS ARE CONTINGENT UPON THE COURT ENTERING THE FINAL APPROVAL ORDER AND THE SETTLEMENT EFFECTIVE DATE OCCURRING.
WHAT ARE MY OPTIONS?
If you remain a Settlement Class Member, and the Court approves the Settlement, enters the Final Approval Order and the Effective Date occurs, you will be legally bound by the Settlement terms and will release your claims against the Defendants, as provided by the Settlement Agreement. If you want to exclude yourself from this Settlement, you must send a written request specifically stating that you wish to opt out from the Settlement to Laffan v. Santander Settlement, EXCLUSIONS, PO Box 170500, Milwaukee, WI 53217 postmarked no later than November 9, 2015. Mass or class opt outs are not allowed. If you do not opt out, you will not be allowed to commence or continue any action, including, without limitation, any lawsuit or arbitration, against any Released Party based on any Released Claim, as defined in the Settlement Agreement.
If you remain a Settlement Class Member, you may object to the Settlement by writing to the Court and sending copies to counsel postmarked no later than November 9, 2015.
Full details on how to object to or opt out of the Settlement can be found at www.LaffanForcePlacedInsuranceSettlement.com.
SETTLEMENT HEARING
The Court will hold a Final Approval Hearing on December 15, 2015, at 10:00 a.m., to consider whether to approve the Settlement, award attorneys' fees of up to $500,000 plus reasonable costs to counsel for the Settlement Class, and a service award of up to $7,500 to the Plaintiff for his service to the Settlement Class. Any attorneys' fees and expenses and service awards approved by the Court will be paid from the Settlement Fund.
You or your lawyer may ask to appear and speak at the hearing at your own expense, but you do not have to appear.
The Final Approval Hearing may be moved to a different date or time. Any changes to the date or time of the Final Approval hearing will be posted at www.LaffanForcePlacedInsuranceSettlement.com.
This notice provides only a summary of the terms of the Settlement. A more detailed description of the Settlement is available at www.LaffanForcePlacedInsuranceSettlement.com. You may also contact the Settlement Administrator at 1‑800‑918-9012 to request a detailed Class Notice.
| Contact: |
Peter Muhic |
| 610-667-7706 |
|
SOURCE Kessler Topaz Meltzer & Check, LLP
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