Regions Flood Settlement
- Provides information in regards to the $600k plus Regions Bank settlement related to a Lender-Placed Flood Insurance (LPFI) scheme
- Class members contend that Regions charged them inflated premiums for flood insurance
- The case is entitled Mahan v. Regions Financial Corp., et al., and is case number 4:14-cv-321-JM
Regions Flood Settlement class members not only charge the bank with LPFI excessive charges but also claim that Regions “forced” borrowers to have flood insurance for their property pursuant to a residential mortgage (this includes home equity loan or line of credit). Regions Bank on advice from their legal team has agreed to settlement terms without admitting any liability or wrongdoing (which will be the most likely case in Deflate Gate as well).
Regions Flood Settlement Talking Points
- The settlement was approved by the U.S. District Court for the Eastern District of Arkansas, Western Division on June 18, 2015
- A fairness hearing will be held on 10/01/2015
- Regions Bnak has hired David B. Esau to represent their interest in the lawsuit
- ANyone who wished to dispute the terms of the settlement must do so in writing by Sept. 16, 2015
- Any questions about the terms of the Regions Flood Settlement can be directed to Mahan v. Regions Financial Corp. Settlement Administrator PO Box 40007 College Station, TX 77842-4007 or by phone toll free by dialing 888-858-6298
Class members are defined as anyone from Aug. 1, 2009 until May 8, 2015 who purchase Regions Bank a lender-placed flood insurance policy. It should be noted that Lender-placed hazard insurance is not included in the Regions Flood settlement.
All class members who elect to stay in the Regions Flood Settlement will be represented by Peter A. Muhic and Chris Johnson. Mr. Muhic is from the law firm of KESSLER TOPAZ MELTZER & CHECK LLP while Mr. Johnson resides from the presitige NIX PATTERSON & ROACH LLP.