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Selene Financial Force-Placed Insurance 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:

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:

1:16-cv-22930-EGT

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, 2017

Proof 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: Unknown

Class Representative Proposed Incentive Fee:

$5,000

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

Claim Form: Selene Finance Settlement Claim Form

Case Name: McNeil et al. v. Selene Finance, LP et. al

Settlement Website: Selene Finance Settlement Website

Claims Administrator:
Rust Consulting

Claims Administrator Contact Information:

McNeil v Selene, c/o Rust Consulting – 
5729, PO Box 2561, 
Faribault, MN 55021-9561.
1-866-430-8977

Tags: Forced Placed Insurance, Mortgage-Related Unfair Practices