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Fay Servicing Force-Placed Insurance Settlement

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Settlement Structure: 
Case Summary: 

Fay Servicing has agreed to settle a class action alleging that when it required residential borrowers to have LPI (lender-placed or force-placed insurance), it received an unauthorized benefit, causing the premiums for the insurance to be higher than necessary.

At issue are policies from Southwest Business Corporation, American Modern Insurance Group, Inc., American Modern Home Insurance Company, The Atlas Insurance Agency, Inc., Midwest Enterprises, Inc., American Family Home Insurance Company, American Modern Surplus Lines Insurance Company, American Western Home Insurance Company, American Southern Home Insurance Company, American Modern Insurance Company of Florida, Inc., American Modern Select Insurance Company, or American Modern Lloyds Insurance Company.

Docket Number: 
1:16-cv-25237-JG
Company: 
Fay Servicing
Class Period: 
Thursday, January 1, 2009 to Wednesday, August 9, 2017
Filing Deadline: 
Wednesday, March 28, 2018
Objection Deadline: 
Wednesday, December 13, 2017
Exclusion Deadline: 
Wednesday, December 13, 2017
Final Approval Hearing: 
Monday, January 22, 2018
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