The law firms, Kessler Topaz Meltzer & Check, LLP, Berger & Montague, P.C., and Lowey Dannenberg Cohen & Hart, P.C., announced today that a settlement in a class action has been reached with Litton Loan Servicing LP, The Goldman Sachs Group, Inc. and/or Arrow Corporate Member Holdings LLC.
Borrowers who had a home mortgage or line of credit, originated and/or serviced by Litton Loan Servicing LP, The Goldman Sachs Group, Inc. and/or Arrow Corporate Member Holdings LLC, and in connection therewith, were charged for lender-placed hazard, wind and/or flood insurance (“LPI”) during the period January 1, 2006 through April 20, 2016, you may be entitled to benefits under a class action settlement.
As part of the Settlement, the Defendants have agreed to deposit $4,121,000 into a Settlement Fund established under the terms of the Settlement Agreement. Each Settlement Class Member will be entitled to a pro rata share of the Net Settlement Fund in proportion to their Individual Net Premium over the Total Net Premium charged to all Settlement Class Members, after accounting for Minimum Level Payment Recipients, as those terms are defined in the Settlement Agreement, with a Minimum Level Payment of $2.00. Additionally, second settlement payments may be issued after the first settlement payments if the balance remaining in the Net Settlement Fund exceeds a certain level.
Settlement Class Members do not need to submit a claim form in order to receive a settlement payment.
To find out more information about the settlement, please visit www.LyonsFPIsettlement.com.
The case was settled in the United States District Court for the Southern District of New York in Lyons, et al., v. Litton Loan Servicing LP, et al., No. 1:13-cv-00513.