If you got an Orange Mortgage or Easy Orange Mortgage from ING Bank between October 1, 2005 and May 31, 2009, or you performed a Rate Renewal of your ING Orange Mortgage during this period, you may be entitled to settlement benefits.
Multiple class action lawsuits have been filed against ING Bank in which the plaintiffs allege that ING wrongly marketed its Orange Mortgage and Easy Orange Mortgages as having “Rate Renew Guarantee”. The Rate Renewal feature promised that borrowers could renew their interest rates on ING Easy Orange and ING Orange loans for a flat charge of $500 or $750 at any time during the life of the loan. But according to plaintiffs, ING not only violated the law by raising the Rate Renewal fee but also refused to give some borrowers the option of Rate Renewal. Although ING has denied any wrongdoing, they have agreed to a class action settlement to resolve the litigation.
All those who obtained an Orange Mortgage or Easy Orange Mortgage from ING between October 1, 2005 and May 31, 2009 and those who got an Orange Mortgage from ING before October 1, 2005 and did a Rate Renewal of that mortgage on or after October 1, 2005 through May 31, 2009, are eligible for class action benefits.
A federal judge has already given preliminary approval to a proposed 20.35 million settlement, and if it becomes final, all eligible mortgage borrowers will receive a payment of at least $25, with an average payment of approximately $175 per loan account. All eligible class members will automatically receive their part of the settlement amount, unless they exclude themselves from the Settlement Class.
Deadline to request exclusion (opt-out) from the Settlement: September 5, 2014
Deadline to object to the Settlement: September 16, 2014
Final Approval Hearing: October 7, 2014
Claim Form Deadline: You do not need to submit any claim forms. Payments will be mailed to eligible Class Members automatically, once the class action settlement is approved and becomes effective.
Potential Award: $25 – $175
Claims Administrator:
ING Rate Renewal Settlement
Claims Administrator
PO Box 85006
Richmond, VA 23286
1-855-770-6954
Class Counsel:
LIEFF, CABRASER, HEIMANN & BERNSTEIN, L.L.P.
MEYER WILSON CO., L.P.A.
ROSENTHAL, MONHAIT & GODDESS, P.A.
OLSEN LAW OFFICES, APC
WEBB & BORDSON, APC
Defense Counsel:
MORRISON & FOERSTER LLP
Multiple class action lawsuits have been filed against ING Bank in which the plaintiffs allege that ING wrongly marketed its Orange Mortgage and Easy Orange Mortgages as having “Rate Renew Guarantee”. The Rate Renewal feature promised that borrowers could renew their interest rates on ING Easy Orange and ING Orange loans for a flat charge of $500 or $750 at any time during the life of the loan. But according to plaintiffs, ING not only violated the law by raising the Rate Renewal fee but also refused to give some borrowers the option of Rate Renewal. Although ING has denied any wrongdoing, they have agreed to a class action settlement to resolve the litigation.
All those who obtained an Orange Mortgage or Easy Orange Mortgage from ING between October 1, 2005 and May 31, 2009 and those who got an Orange Mortgage from ING before October 1, 2005 and did a Rate Renewal of that mortgage on or after October 1, 2005 through May 31, 2009, are eligible for class action benefits.
A federal judge has already given preliminary approval to a proposed 20.35 million settlement, and if it becomes final, all eligible mortgage borrowers will receive a payment of at least $25, with an average payment of approximately $175 per loan account. All eligible class members will automatically receive their part of the settlement amount, unless they exclude themselves from the Settlement Class.
Highlights of ING Orange Mortgage Rate Renewal Class Action Settlement
Settlement Website: www.ingraterenewalsettlement.comDeadline to request exclusion (opt-out) from the Settlement: September 5, 2014
Deadline to object to the Settlement: September 16, 2014
Final Approval Hearing: October 7, 2014
Claim Form Deadline: You do not need to submit any claim forms. Payments will be mailed to eligible Class Members automatically, once the class action settlement is approved and becomes effective.
Potential Award: $25 – $175
Claims Administrator:
ING Rate Renewal Settlement
Claims Administrator
PO Box 85006
Richmond, VA 23286
1-855-770-6954
Class Counsel:
LIEFF, CABRASER, HEIMANN & BERNSTEIN, L.L.P.
MEYER WILSON CO., L.P.A.
ROSENTHAL, MONHAIT & GODDESS, P.A.
OLSEN LAW OFFICES, APC
WEBB & BORDSON, APC
Defense Counsel:
MORRISON & FOERSTER LLP
what if you suffered the increased cost of refinance at .5% of outstanding loan balance a 500k mortgage wouldhave suffered 2000 in additional costs over the $500 flat fee guaranteed?
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