Flood/Hazard Insurance Citibank Class Action Settlement - Consumer Justice Foundation

Flood/Hazard Insurance Citibank Class Action Settlement

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The Citibank Class Action Settlement alleges unlawfully forcing borrows excessive flood insurance for their property and improperly profiting from the force-placement of hazard insurance.

Why is there a lawsuit against Citibank?

This class action lawsuit alleges that Defendants Citibank, N.A. and CitiMortgage, Inc. (collectively, “Citi”) violated the legal rights of borrowers by either:

1. by unlawfully forcing borrowers who reside in flood zones to carry excessive flood insurance coverage for their property and by improperly profiting from the force-placement of flood insurance.

-OR-

2. improperly profiting from the force-placement of hazard insurance through Assurant, Inc., American Security Insurance Company, and Standard Guaranty Insurance Company) (collectively, “Assurant”), which paid allegedly unlawful commissions to an affiliate Citi.
Citi denies that it has acted unlawfully, but has agreed to enter into this Settlement to resolve these allegations.

THE SETTLEMENT CLASSES

There are two types of Settlement Classes for this case, the Flood Settlement Class and the Hazard Settlement Class. They are defined as:

 

Flood Settlement Class
All persons who were charged by Citi for lender-placed flood insurance (unless such charge was flat cancelled and refunded in full) in connection with a mortgage loan, home equity loan, or home equity line of credit secured by property in the United States during the time period from May 17, 2006 through April 2, 2014 (the “Flood Settlement Class”).

 

Hazard/Wind Settlement Class
All persons who were charged by Citi for lender-placed hazard/wind insurance (unless such charge was flat cancelled and refunded in full) in connection with a mortgage loan, home equity loan, or home equity line of credit secured by property in the United States during the time period from January 1, 2007 through April 2, 2014 (the “Hazard Settlement Class”). For purposes of this class definition, the term hazard insurance includes insurance against any type of hazard (e.g., fire, windstorm, etc.), except for floods.

BANDAS LAW FIRM, PC HAS PAID CONSUMER JUSTICE FOUNDATION FOR THE DISPLAY OF THIS ADVERTISEMENT. Bandas Law Firm, PC has its principal place of business in Corpus Christi, Texas. Chris Bandas is responsible for the content of this advertisement

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