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26-Assurant Settlement Agreement FL Executed

Jun 04, 2018



  • 8/13/2019 26-Assurant Settlement Agreement FL Executed






    PHILIP PULLEY, DEVRA PULLEY,JEROME DAVIS, and SUSAN DAVIS,individually and on behalf of themselvesand all others similarly situated,







    This Stipulation and Settlement Agreement (Agreement) is made and entered into by

    and among the Plaintiffs Philip Pulley, Devra Pulley, Jerome Davis, and Susan Davis

    (Plaintiffs), on behalf of themselves and all Class Members as defined herein, and JPMorgan

    Chase Bank, N.A., Chase Insurance Agency, Inc., and JP Morgan Insurance Agency, Inc.

    (Chase Defendants).


    1.1. On May 17, 2012, Plaintiffs Philip and Devra Pulley commenced this litigation

    against JPMorgan Chase Bank, N.A. and Chase Bank USA, N.A (the Litigation).

    1.2. On June 5, 2012, Plaintiffs filed their First Amended Complaint, which,inter alia,

    sought damages on behalf of a nationwide class of residential mortgage loan or line of credit

  • 8/13/2019 26-Assurant Settlement Agreement FL Executed



    borrowers whose loans or lines of credit were serviced by the Chase Defendants and were

    subjected to the force placement of wind insurance on the secured property.

    1.3. In July 2012, Plaintiffs and the Chase Defendants entered into intensive mediation

    through JAMS mediator David Geronemus, who has extensive mediation experience.

    1.4. The mediation included the exchange of mediation statements, numerous days of

    face to face meetings, and dozens of conference calls. It also included the collection, production,

    and review of thousands of pages of documents and electronically-stored data concerning wind

    lender-placed insurance.

    1.5. While settlement negotiations were ongoing, Plaintiffs served document requests,

    to which Defendants responded. Pursuant to the Courts Scheduling Order, on March 4, 2013,

    Plaintiffs filed a motion for class certification and a memorandum in support thereof. Plaintiffs

    also filed a Second Amended Complaint, which added additional Plaintiffs Jerome Davis and

    Susan Davis and additional Defendants Chase Insurance Agency, JP Morgan Insurance Agency,

    Inc., Assurant Inc., American Security Insurance Company, and Voyager Indemnity Insurance

    Company as parties. The Chase Defendants, as well as Chase Bank USA, N.A., and the

    Assurant Defendants filed separate motions to dismiss, which, along with Plaintiffs motion for

    Class Certification, currently remain pending.

    1.6. Beginning in mid-January 2013, Plaintiffs and Chase Defendants began a series of

    extensive telephonic negotiations that culminated in a Memorandum of Understanding

    (MOU), which was executed on April 12, 2013. The MOU provides the outline of an

    Agreement to settle and resolve all issues in the Litigation on a class-wide basis and to dismiss

    with prejudice all claims against Defendants (the Settlement).

  • 8/13/2019 26-Assurant Settlement Agreement FL Executed



    1.7. As part of the MOU, Chase Defendants have produced additional documents and

    data requested by Plaintiffs to confirm, among other things, certain aspects of the Settlement and

    to value the injunctive relief contained in the Settlement.

    1.8. Plaintiffs have also made extensive use of publicly-available information,

    including hearings before the New York Department of Financial Services and the Florida

    Insurance Commissioner, Fannie Mae documents, and various banking and insurance


    1.9. Class Counsel believe that the Litigation has significant merit and that the

    evidence developed supports Plaintiffs claims. Class Counsel recognize and acknowledge,

    however, that prosecuting this Litigation through fact and expert discovery, class certification,

    dispositive motions, trial, and appeals will involve considerable time and expense.

    1.10. Class Counsel have concluded that it is in the best interests of the Class as a

    whole that the claims asserted in the Litigation be resolved on the terms and conditions set forth

    in this Agreement. Class Counsel reached that conclusion after extensive consideration and

    analysis of the factual and legal issues presented in the Litigation, the substantial benefits that

    Class Members will receive as a result of the Settlement, the risks and uncertainties of continued

    litigation, the expense that would be necessary to prosecute the Litigation through trial and any

    appeals that might be taken, and the likelihood of success at trial.

    1.11. Defendants have denied and continue to deny each and every allegation of

    liability, wrongdoing, and damages, and assert that they have substantial factual and legal

    defenses to all claims and class allegations in the Litigation. Defendants maintain and continue

    to maintain that they have acted in accordance with governing law. Defendant Chase Bank

  • 8/13/2019 26-Assurant Settlement Agreement FL Executed



    USA, N.A. separately denies the factual allegations against it and that it has or had anything to

    do with lender-placed insurance or the subject of this Litigation. Nonetheless, Chase Defendants

    have concluded that because continuation of the Litigation would be protracted and expensive, it

    is desirable that the Litigation be fully and finally settled on a class-wide basis in the manner and

    upon the terms set forth in this Agreement.

    1.12. Without admitting any liability or wrongdoing whatsoever, Chase Defendants

    agree to the terms of this Agreement, provided that all Released Claims are settled and

    compromised, in order to resolve all issues relating to the subject matter of the Litigation.

    NOW, THEREFORE, for and in consideration of the mutual understandings contained

    herein, and for other good and valuable consideration, the receipt and adequacy of which is

    hereby acknowledged, Plaintiffs, on behalf of the Class, and Chase Defendants stipulate and

    agree as follows:


    As used herein, the following terms have the meanings set forth below.

    2.1. Administrator or Settlement Administrator means a qualified third party

    appointed by the Court for the oversight and/or dissemination of Class Notice, the processing

    and fulfillment of claims in connection with this Settlement, and ensuring that claims fulfillment

    is properly implemented.

    2.2. Agreement or Settlement Agreement means this Settlement Agreement,

    including all exhibits thereto.

  • 8/13/2019 26-Assurant Settlement Agreement FL Executed



    2.3. Attorneys' Fees and Expenses means fees and expenses allowed by the Court

    that are sought by Plaintiffs' Counsel in the prosecution of the Litigation. Any Attorneys Fees

    and Expenses shall be paid from the Settlement Fund.

    2.4. Award means a payment to a Settlement Class Member under the Settlement

    pursuant to the Plan of Allocation in Paragraph 5 of this Agreement.

    2.5. CAFA Notices means the notice of this settlement to be served upon State and

    Federal regulatory authorities as required by the Class Action Fairness Act of 2005, 28 U.S.C.


    2.6. Case Contribution Award means compensation for the Named Plaintiffs in the

    Litigation for their time and effort undertaken in this Litigation.

    2.7 Cashed Settlement Check Member List means the list of class members who

    have cashed settlement checks within 120 days under the Plan of Allocation described in

    Paragraph 5.

    2.8. Chase Bank means JPMorgan Chase Bank, N.A. It does not include Chase

    Bank USA, N.A..

    2.9. Class Counsel means the law firm of Meredith & Narine.

    2.10. Class List refers to the list of borrower on whose property Chase Defendants

    placed wind insurance during the period January 1, 2008 through March 4, 2003, as identified in

    Paragraph 5.1 of this Agreement.

  • 8/13/2019 26-Assurant Settlement Agreement FL Executed



    2.11. Class Member Payment List means the list of the Settlement Class Members

    who have not opted out and who will receive settlement payments under the Plan of Allocation

    described in Paragraph 5 of this Agreement.

    2.12. Class Notice means the Court-approved form of notice to Settlement Class

    Members, in substantially the same form as Exhibit A, which, among other things, will comply

    with the requirements of Paragraphs 5.5 and 12 and will notify Settlement Class Members of the

    preliminary approval of the Settlement and the scheduling of the Final Approval Hearing.

    2.13. Class Period means the period of time from January 1, 2008 through March 4,


    2.14. Court means the United States District Court for the Southern District of


    2.15. Days means calendar days, except that, when computing any period of time

    prescribed or allowed by this Agreement, the day of the act, event, or default from which the

    designated period of time begins to run shall not be included. Further, when computing any

    period of time prescribed or allowed by this Agreement, the last day of the period so

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