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$549,000 Union Savings Bank Settlement Gains Preliminary Approval

| Feb 11, 2021 | Firm News

On February 8, 2021, Hamilton County Court of Common Pleas Judge Ethna M. Cooper granted preliminary final approval of a $549,000 class action settlement with Union Savings Bank (“USB”) based on USB’s untimely filing of mortgage releases in violation of Ohio Revised Code 5301.36.

Markovits, Stock & DeMarco, LLC and its co-counsel, on behalf of Plaintiff Donnell Hughes and the putative class, forged a settlement providing class members $300 for each valid claim for the $250 statutory damage amount available under R.C. 5301.36. In other words, class members submitting valid claims will receive $50 more than their statutory damage amount even after court costs and attorneys’ fees are paid in full.

The class action case, captioned Donnell Hughes v. Union Savings Bank, Case No. 1904891, was filed on October 15, 2019 relating to the release of mortgage on plaintiffs’ former property more than 90 days after the mortgage was satisfied (i.e. paid off). Mr. Hughes brought the case on behalf of himself and all other Ohio USB mortgagors for whom USB failed to timely file mortgage releases or the current property owner of such property from October 15, 2013 to October 15, 2019. Under Ohio Revised Code 5301.36, the failure of the mortgagee (lender) to file a mortgage release within 90 days of a mortgage being satisfied may entitle the mortgagor (borrower) and/or current property owner to $250.

Please view a copy of the order here.

Have you recently refinanced your mortgage or sold a property where you had a mortgage? If so, please contact Markovits, Stock & DeMarco at 513-651-3700 or complete the form below to determine if you have a claim under R.C. 5301.36 relating to the timing of the release of your mortgage.