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BB&T Force-Placed Insurance Class Action Settlement

Settlement Structure: Claims Made

Active: Closed

Closed Settlement Statement:

According to court documents, the claim submission deadline has passed. Please contact the claims administrator if you have any questions.

Case Summary:

The plaintiffs in this lawsuit allege that when a borrower was required to have insurance for his or her property pursuant to a residential mortgage or home equity loan or line of credit, and evidence of acceptable coverage was not provided, BB&T would place insurance in a manner such that BB&T allegedly received an unauthorized benefit. Plaintiffs allege further that BB&T did so primarily to receive “kickbacks” from the Assurant Defendants or other insurance providers. Plaintiffs also allege that the way in which LPI policies were obtained and placed caused the rates and the amount of coverage to be excessive.

Docket Number:

15-cv-23294 (KMW)

Company: BB&T Corporation

Filing Deadline: April 10, 2017

Class Period: January 1, 2010 to August 12, 2016

Objection Deadline: December 12, 2016

Exclusion Deadline: December 12, 2016

Final Approval Hearing: January 10, 2017

Proof of Purchase:

Claimants must sign under penalty of perjury and may be asked to provide additional documents.

Eligibility:

The following borrowers are eligible to be class members:

  • Those who reside in the United States
  • who, from January 1, 2010 to August 12, 2016,
  • were charged by BB&T under a hazard, flood, flood gap or wind-only LPI Policy for Residential Property,
  • paid to BB&T some or all of the Net Premium for that LPI Policy or
  • did not pay to and still owe BB&T the Net Premium for that LPI Policy. 
Typical Settlement Amount:

Claimants will receive between 5% and 10% of net primiums paid based upon when the insurance was purchased, the Assurant Defendent, and the type of insurance.

Total Settlement Amount:

Class Representative Proposed Incentive Fee:

$5,000

Law Firms:
Harke Clasby & Bushman
Kozyak Tropin & Throckmorton
Podhurst Orseck

Claim Form: Class Action Claim Form

Case Name: Beber v. Branch Banking and Trust Co

Settlement Website: Beber v. Branch Banking and Trust Co.

Claims Administrator:

Claims Administrator Contact Information:

 1-800-889-1534

Tags: Deceptive Insurance Practices, Forced Placed Insurance