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CitiMortgage Lender Placed Insurance LPI Class Action Lawsuit Settlement


This is a settlement for the Consumer and Financial Fraud lawsuit.

Los Angeles, CA: A settlement has been reached in a class action lawsuit against CitiMortgage, Inc. ("CitiMortgage" or "Citi" or "CTI" or "Defendant") in the Superior Court for the State of California, County of Los Angeles alleging, among other things, that CitiMortgage allowed the assessment of excessive premiums in its lender placed insurance ("LPI") program on California properties, purportedly in violation of California's Unfair Competition Law, Business and Professions Code Section 17200, et seq. (the "UCL"), according to the CitiMortgage Lender Placed Insurance LPI class action settlement website and notice.

The proposed CitiMortgage Lender Placed Insurance LPI class action lawsuit settlement reportedly provides for, among other things, that Citi Mortgage has agreed to pay a total sum not to exceed $2,000,000 for settlement class members making valid claims, attorneys' fees, costs and an incentive award to Plaintiff. CitiMortgage reportedly has agreed to permit each settlement class member to make a claim for a payment of up to $95, which claim must be postmarked by February 12, 2011.

CitiMortgage also has reportedly agreed that, with respect to CitiMortgage's LPI program, the rate of commissions paid to an affiliate shall be 12%, and a fee in the amount of $.038 for tracking compliance with insurance obligations shall apply, from the date of a judgment granting final approval of the settlement and for two (2) years thereafter (the "New Rate Period").

For more information about the CitiMortgage Lender Placed Insurance LPI class action lawsuit settlement, including information about how to participate in, be excluded from (or opt out of) or comment on or object to the CitiMortgage Lender Placed Insurance LPI class action settlement, visit the CitiMortgage class action settlement website at : bc386656.com

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Published on Feb-16-11


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