A class action lawsuit settlement has been reached with CitiMortgage, Inc. concerning premium amounts charged in connection with CMI’s lender placed insurance program on California properties. If you were a California borrower of CitiMortgage and paid for lender-placed insurance on your loan between 2004 and 2010 that was not subsequently cancelled at no charge to you, you might be eligible claim up to $95 from the class action settlement.
The CitiMortgage settlement will resolve a 2008 class action lawsuit, entitled Rounds v. CitiMortgage, Inc., that accuses CMI of allowing the assessment of excessive premiums on its lender placed insurance (LPI) program on California properties. CitiMortgage denies any wrongdoing but has agreed to pay up to $2 million to resolve the case.
You’re considered a class member and eligible to receive money from of the CitiMortgage class action lawsuit settlement if you were a California borrower of CitiMortgage and paid for lender placed insurance (LPI) on your CMI loan from March 4, 2004 through August 10, 2010, and that insurance was not subsequently cancelled at no charge to you.
To receive a payment of up to $95 from the CitiMortgage LPI settlement, you must submit a claim form postmarked by February 12, 2011. If you wish to exclude yourself from the settlement or object to it, you must submit your request or objection no later than February 8, 2011.
CitiMortgage has also agreed that, with respect to its LPI program, the rate of commissions paid to an affiliate shall be 12%, and a fee in the amount of $0.38 for tracking compliance with insurance obligations shall apply for the next two years.
Claim forms and more information about your rights in the CitiMortgage Lender Placed Insurance Loan Class Action Lawsuit Settlement can be found on the Settlement Administrator’s website at www.BC386656.com.
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