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USAA to Pay $5 Million in Late Fee Settlement
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Live Insurance News
USAA to Pay $5 Million in Late Fee SettlementUSAA has agreed to settle a class-action lawsuit for $5 million.
From 2011 to 2019, plaintiffs claim USAA collected $8.1 million in “unlawful” late fees from over 127,000 policyholders in Maryland.
Before June 2011: USAA had state approval to charge a $10 late fee for members who missed their payment deadlines.
The company paid a $67,500 administrative penalty and refunded about $7.3 million in late fees to its Maryland members.
The company paid a $67,500 administrative penalty and refunded about $7.3 million in late fees to its Maryland members.
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