ARNETT, ET AL. v. BANK OF AMERICA, N.A., ET AL.
Case No. 3:11-CV-01372-SI
The Court certified the Settlement Class and preliminarily approved the settlement on April 17, 2014. Final approval was granted on September 18, 2014. However, three objectors appealed this decision and the settlement was delayed pending resolution of their objections. The Court dismissed the appeals on June 30, 2015 and the settlement is now effective.
Pursuant to the Settlement, Bank of America has agreed to establish a Gross Settlement Fund of $31 Million to provide monetary relief to Eligible Class Members who do not opt out of the Settlement. Service awards for Lead Plaintiffs, attorneys’ fees and costs, and settlement administration fees will be deducted from this amount. The remainder of the fund will constitute the Net Settlement Fund that will be available to Settlement Class members who are eligible for monetary relief.
Settlement payments were made to eligible class members with active escrow accounts on December 16, 2015. The payment will appear as a credit in your December 2015 escrow account statement. Settlement checks were mailed to eligible class members with no escrow account on December 30, 2015. Please cash the check by June 27, 2016.
Under the Settlement Agreement, Bank of America also has agreed to make certain changes to its flood insurance policies and practices. Among other things, Bank of America has agreed that Bank of America and its affiliates will not accept commission payments in connection with force placed flood insurance for a period of three years, and also has agreed, for three years, to provide forms to certain members of the Settlement Class, allowing them to elect a reduced flood insurance coverage requirement for their property.
The Settlement Class that has been approved by the Court includes all persons who were sent a flood insurance cycle letter by Bank of America, Countrywide Home Loans, Inc., or Countrywide Home Loans Servicing, LP or who were charged for lender-placed flood insurance by Bank of America, Countrywide Home Loans, Inc., or Countrywide Home Loans Servicing, LP on or after January 1, 2007 and before April 4, 2014 in connection with a residential mortgage loan, home equity line of credit, reverse mortgage loan, or loan secured by shares in a cooperative housing association.
- Claims in the Lawsuit
- Summary of Settlement Terms
- Class Members
- Monetary Benefits for Class Members
- Prospective Relief
- Release of Claims
- Motion for Approval of Attorneys Fees and Costs
- Notice (Español)
- Claim Form
- Claim Form (Español)
- Consolidated Amended Class Action Complaint