![]() You will retain the right to pursue any individual claims against Defendants and hire your own attorney, unless otherwise barred. Nor will you be bound by any adverse result in this case. Accordingly, should the Class recover money from Defendants, whether by settlement or judgment, you will not share in the recovery. If you exclude yourself from the Class, you will not be bound by the result of this case. If the Court finds in favor of the defendants, you will recover nothing and any claim you would have against the Defendants related to the allegations in the operative complaint in this Action, and certain related matters, will be forever barred.Ģ. If the Court finds in favor of the Class, you will be entitled to a share of the recovery, if there is any recovery and if the Court awards you a share. If you stay in the Class, you will be bound by the result of the lawsuit, whether that result is favorable or unfavorable. You have the right to be notified of any proposed settlement or dismissal of the Class claims.ġ. You have the right to discuss your decision with Plaintiffs’ counsel, Class Counsel or your own attorney. If you are a Class Member, you have the choice of staying in the Class or excluding yourself from the Class. The Court has not ruled in favor of or against Plaintiffs on the merits of any of their claims. ![]() The Court has not formed any opinion concerning the merits of the case. The Defendants assert numerous defenses to this Action. Plaintiffs allege that Atrium assumed either no real or an insufficient amount of the risk and, thus, the reinsurance arrangement was a disguised form of rebate to PHH.ĭefendants deny the allegations of the complaint and contend the agreements are appropriate and standard reinsurance involving meaningful transfer of risk, and that Atrium paid claims under its reinsurance agreements. These private mortgage insurers entered into reinsurance agreements with PHH’s affiliate, Atrium, whereby Atrium would assume some of the risk on the loan in exchange for a portion of the premiums paid by the borrower. In particular, the complaint alleges that PHH required certain borrowers to pay for private mortgage insurance with one of four primary mortgage insurers. ![]() ![]() (“Atrium”) (collectively “Defendants”) violated section 8 of the Real Estate Settlement Procedures Act (“RESPA”) 12 U.S.C. The complaint in the Action alleges that PHH Corp., PHH Mortgage Corp., PHH Home Loans, LCC, and Atrium Insurance Corp. The purpose of this website is to advise you of a pending class action in the Eastern District of California entitled Munoz, et al. ATTENTION: All persons who obtained residential mortgage loans through PHH Corp., PHH Mortgage Corp., or PHH Home Loans, LCC that closed on or after Jthrough December 31, 2009, and who paid for private mortgage insurance subject to reinsurance through Atrium Insurance Corp. ![]()
0 Comments
Leave a Reply. |