Bank of New York Mellon Insurance Charges on Redemptions Complaint

November 6, 2020

When a bank forecloses on a property, it is likely to take out hazard insurance to protect it. This hazard insurance may only be in force for a matter of months if the former owner or an assignee redeems the property. However, the complaint for this class action alleges that the Bank of New York (BNY) Mellon Corporation charges those who redeem properties for a full year’s worth of hazard insurance, even though it may receive reimbursement from the insurance company for the unused portion.

Case Event File: Bank of New York Mellon Insurance Charges on Redemptions Complaint

Related to: Bank of New York Mellon Insurance Charges on Redemptions Class Action