If you were charged by BB&T for lender placed insurance issued by American Security Insurance Company (“ASIC”), Voyager Indemnity Insurance Company (“VIIC”), or Standard Guaranty Insurance Company (“SGIC”) [collectively “the Assurant Defendants”], or another insurer for your Residential Property, this Settlement will provide you with an opportunity to either: (i) claim a cash award, if you paid all or a portion of the premiums for that LPI Policy to BB&T during the Class Period; or (ii) claim a credit towards what you currently owe BB&T, if you did not pay but still owe the premiums for that LPI Policy to BB&T during the Class Period or, at BB&T’s sole discretion, a cash payment.
Class Period: 1e Class Period begins on January 1, 2010 and ends on August 12, 2016.
If you were charged by BB&T for an LPI Policy during the Class Period, subject to the provisions of this Notice and the Settlement, you may make a claim for bene+ts pursuant to this Settlement.
If you decide to submit a claim, you will need to follow the Instructions for the Class Action Claim Form, and +ll out the Claim Form sent to you with this notice. Everyone submitting a Claim Form must answer the questions on the Claim Form truthfully, and must a4rm the statements in the Claim Form under penalty of perjury. Some claimants must also verify their identity.
All claimants who meet the requirements and submit valid and properly completed Claim Forms will receive a cash award or a credit (towards what they currently owe BB&T) of an amount equal to 10%, 8%, or 5% of the Net Premium charged to the claimant during the Class Period for the LPI Policy by BB&T, depending on when you were charged.
Who’s Eligible
Class Members of this force-placed insurance settlement include all borrowers in the United States who, between Jan. 1, 2010 and Aug. 12, 2016, were charged by BB&T under a hazard, flood, flood gap or wind-only force-placed insurance policy for their residential property, and who, during the same time period, either:
- Paid to BB&T some or all of the net premium for that force-placed insurance policy; or
- Still owe BB&T the net premium for the force-placed insurance policy.
Potential Award
The defendants have agreed to provide a cash award or credit to Class Members in the following amounts:
- 5% of the net premium you were charged by BB&T for a flood or wind force-placed insurance policy procured by ASIC during the Class Period, or charged by BB&T for a hazard force-placed insurance policy procured by ASIC on or after June 1, 2014;
- 8% of the net premium if you were charged by BB&T for a hazard force-placed insurance policy that was procured by ASIC before June 1, 2014;
- 10% of the net premium if you were charged by BB&T for a hazard, flood or wind force-placed insurance policy procured by BB&T from any insurance carrier on or before Dec. 31, 2012; or
- 5% of the net premium if you were charged by BB&T for a hazard flood or wind force-placed insurance policy on or after Jan. 1, 2013 and the policy was procured by Overby-Seawell Company during the Class Period.
The Class Period is Jan. 1, 2010 through Aug. 12, 2016.
NOTE: Class Members who made at least one full monthly mortgage payment to BB&T after they were subjected to the force-placed insurance policy are eligible for a cash payment while Class Members who still owe the charged net premium for the policy are eligible for a reduction in the amount they owe.
Proof of Purchase
N/A. Claimants must declare under the penalty of perjury that all information provided in the Claim Form is true and correct.
NOTE: Claimants may be asked to provide additional information and/or documentation, such as valid identification, a copy of a BB&T mortgage statement or a completed notary verification. Make sure you read the instructions on the Claim Form carefully before you submit your claim.
Claim Form Deadline
4/10/2017
Case Name
Beber v. Branch Banking and Trust Co., Case No. 1:15-cv-23294, in the U.S. District Court for the Southern District of Florida
Final Hearing
1/10/2017
Settlement Website
Claims Administrator
Beber Settlement Center
c/o Rust Consulting
P.O. Box 2542
Faribault, MN 55021-9542
1-800-889-1534
Class Counsel
Adam M. Moskowitz
KOZYAK TROPIN & THROCKMORTON PA
Aaron S. Podhurst
PODHURST ORSECK PA
Lance A. Harke
HARKE CLASBY & BUSHMAN LLP
Defense Counsel
Counsel for BB&T:
Robyn C. Quattrone
BUCKLEYSANDLER LLP
Counsel for Assurant Defendants:
Frank G. Burt
CARLTON FIELDS JORDEN BURT PA
