Failure to Pay Interest Due
This class action makes claims for interest on a delayed life insurance payout. The complaint says that ACE American Insurance Company’s policy provides for interest on delayed payouts, but the company has refused to pay it.
Under California law, insurers must pay reasonable fees to medical providers for emergency services performed on one of their insureds, even if the medical providers are not part of their own networks. California laws also require prompt payment to medical providers. The complaint for this class action claims that Anthem Blue Cross complies with neither of these laws.
Mortgage companies often maintain escrow accounts for customers, holding sums collected with monthly payments and from which they pay certain expenses once or twice a year. The complaint for this class action alleges that Citibank, NA violates New York and other state laws by not paying at least 2% interest on these escrow accounts to the borrowers.
If you’re a homeowner, chances are you’re required to pay certain yearly expenses, like your property taxes or your homeowner’s insurance, to your mortgage lender. You pay a little every month, and then once a year the lender pays the tax office or insurance company on your behalf. In eleven states, lenders are required to pay interest to borrowers on the amounts stored in the escrow accounts during the year. However, it seems that not all lenders are doing this.
The complaint for this class action claims that Flagstar Bank failed to pay interest on mortgage escrow or impound accounts, as required by California law.
Many people who hold mortgages are required by the mortgage companies to pay monthly amounts into an escrow or impound account. California law requires that the interest on these accounts be paid to the homeowner. However, the complaint for this class action alleges that Flagstar Bank, FSB or its parent Flagstar Bancorp, Inc., did not do this.
The complaint for this class action alleges that Nationstar Mortgage, which does business under the name Mr. Cooper, does not pay mortgage holders interest on the amounts held in escrow, or in impound accounts, despite laws requiring this. Among other things, the complaint cites California’s Unfair Competition Law and breach of contract.
Life insurance policies can last for many years, and consumers are often unaware of whether the terms of their policies are fully met or not. The complaint for this class action claims that plaintiff Ronald B. Hardy was not aware for many years that an extra interest endorsement on his policy was not being paid and unauthorized charges were being deducted as well. This class action is an attempt to remedy these situations with Transamerica Life Insurance Company, the current insurer.