Who is a Class Member
- Class Members of the Selene Finance Lender-Placed Insurance Class Action Settlement include “all borrowers in the U.S. who from June 1, 2015 through July 19, 2017 were charged for lender-placed insurance for a residential property and had already paid all or a portion of the premium for that policy to Selene Finance during that time.”
If you don’t qualify for this settlement, check out our database of otheryou may be eligible for.
Settlement payments are estimated to be 8.5 percent of the net premium Class members were charged for lender-placed insurance by Selene Finance during the applicable class period.
Proof of Purchase
- Claimants are required to complete a claim form and provide ONE of the following:
- The signature of a witness who is 18 or older, OR
- A copy of a valid form of ID that contains a signature and photograph of the Claimant, OR
- A copy of a Selene mortgage statement issued to the Claimant, OR
- A completed notary verification (provided with claim form).
Selene Finance Lender-Placed Insurance Settlement Notes
- Robin McNeil and Lillian Marshall v. Selene Finance LP, et al.
- Case No. 1:16-cv-22930-EGT
- Pending in the U.S. District Court for Southern District of Florida
This lawsuit involves lender-placed insurance (LPI), which is insurance (hazard, flood, flood gap, or wind) that is placed on a borrower’s property to protect the borrower and mortgage lender when the borrower’s insurance policy lapses or when the borrower does not maintain a homeowner’s insurance policy that is acceptable to the mortgage lender.
Plaintiffs in the Selene Finance Lender-Placed Insurance class action lawsuit allege that when a borrower was required to have insurance for his or her property pursuant to a residential mortgage or home equity loan or line of credit, and evidence of acceptable coverage was not provided (for example, when the insurance policy did not exist or had lapsed), Selene would place insurance in a manner such that Selene allegedly received an unauthorized benefit.
The complaint further claims that Selene Finance acted in this regard because they allegedly received “kickbacks” from SWBC or GAESIC. Additionally, the plaintiffs say that the way in which lender-placed insurance policies were obtained and placed caused the rates and the amount of coverage to be excessive.
Selene Finance denies these claims and assert their actions are fully authorized under the mortgage instruments and law but agreed to settle to avoid further litigation.
Class members who wish to exclude themselves or opt-out of the settlement must have done so by Oct. 17, 2017. Class members who wish to submit a claim must do so by Feb. 14, 2018.
- 2/14/18: Claim Form Deadline
- 10/17/17: Exclusion or Objection Deadline
Note: Final approval to the Selene Finance Lender-Placed Insurance settlement was granted in December 2017. Claims will be dispersed after the Feb. 14 claim deadline.
- The Settlement Administrator (Rust Consulting) can be reached at 1-866-430-8977.
- Adam M. Moskowitz of Kozyak Tropin & Throckmorton PA
- Aaron S. Podhurst of Podhurst Orseck PA
- Lance A. Harke of Harke Clasby & Bushman LLP