Settlement Structure: Claims Made
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:
Selene Finance has agreed to settle a class action alleging that it charged excessive rates for force-placed insurance and placed it in a manner that enabled it to received kickbacks from the insurer. Force-placed insurance, or lender-placed insurance, is insurance placed on a property that is mortgaged or that carries a home equity line of credit. The lender forces the borrower to carry the insurance when the borrower’s policy lapses or is deemed insufficient. The lender places the insurance and bills the borrower for the premiums.Docket Number:
Company: Selene Finance LP
Filing Deadline: March 3, 2018
Class Period: June 1, 2015 to July 19, 2017
Objection Deadline: October 17, 2017
Exclusion Deadline: October 17, 2017
Final Approval Hearing: November 16, 2017Proof of Purchase:
You must provide proof of identification for all borrowers on the policy.Eligibility:
You may be eligible if
- You were a US borrower,
- You were charged by Selene Finance, LP for a hazard, flood, flood gap, or wind LPI policy issued via Southwest Business Corporation (SWBC) and Great American E&S Insurance Company (GAESIC) for a residential property during the class period, and
- During the class period, you either paid Selene the net premium for the policy or did not pay and still owes Selene for the net premium of the policy.
The class period is from June 1, 2015 to July 19, 2017.
You are not a class member if you if you had such a policy but it was cancelled and all premiums were returned to you or placed in your escrow account.Typical Settlement Amount:
Cash award of 8.5% of the net premium charged to you during the class period.
Total Settlement Amount: UnknownClass Representative Proposed Incentive Fee:
Harke Clasby & Bushman
Kozyak Tropin & Throckmorton
Claim Form: Selene Finance Settlement Claim Form
Case Name: McNeil et al. v. Selene Finance, LP et. al
Settlement Website: Selene Finance Settlement Website
McNeil v Selene, c/o Rust Consulting –
5729, PO Box 2561,
Faribault, MN 55021-9561.