A class action lawsuit has been reached against Regions Bank in a civil suit accusing them of forcing-into default or otherwise providing inadequate coverage on loans for borrowers, thereby leaving many thousands without insurance. According to the complaint, the bank’s underwriting process resulted in “lack of any meaningful approval” for loans. The bank is accused of “willful and intentional violations of the rights of borrowers’ right to fair housing.” Many say the problem was a matter of quality rather than quantity – too many properties ended up in court and were unable to settle, which automatically increased the class. The class action lawsuit was intended to force the issue.
Regions Bank Class Action Lawsuit
One thing is clear. Many who signed on the dotted line at the regional homeowners’ market place are experiencing injuries caused by the predatory lending practices of Regions Bank. The class action lawsuit seeks justice for the injured class members and ask that the defendant pay the costs of damages for injuries caused by their lender’s lax lending guidelines.
Many of the borrowers had a long string of credit prior to their home loan problems became apparent.
But many also had substantial health expenses during and after the time of their mortgage defaults. These are the class members who will be able to seek compensation for injuries caused by force-placed insurance policy violation. And who knows – there may be others who suffered injuries while undergoing renovation or remodeling projects at their homes – again class members who will be able to seek justice through the class action lawsuit.
This mass tort lawsuit was brought about by former Regions Bank Marketing Manager Robert DiClemente.
He claims that he was forced to resign from his position in May 2021 after the lender’s internal review team discovered that he had approved force-placed insurance policies that did not adequately protect borrowers. DiClemente is one of twelve people who filed the lawsuit. Another man, identified as servicing manager Anthony Simeon, is also named as a defendant in the lawsuit. Simeon and two other men are accused of forcing a man to climb out of his home, cut him with a knife and then drag him across the parking lot before abandoning him. A fourth defendant, identified as his friend, is also said to have participated in the man’s ordeal.
In order for the plaintiffs to recover their damages, they must prove that they were harmed due to the defendants’ negligence.
If the bank can show no defective motive, it may be able to defeat a class action lawsuit. However, if the bank can show motive, it may receive a settlement that is quite favourable. The bank has thirty days to present its side of the story in its defense, and the defendants must also hire their own attorney to argue their case.
The case is expected to conclude within a few months.
A trial date will likely be scheduled soon after the final arguments have been made. People who are interested in pursuing a case against an establishment that engages in such practices should seek advice from their lawyers, and consider joining the region’s Bank class actions lawsuit. This is a lawsuit that was brought forth by members of the community to seek justice for the suffering of those who have been abused.