Allison v. Republic Mortgage Insurance Company
UNITED STATES DISTRICT COURT FOR THE
MIDDLE DISTRICT OF NORTH CAROLINA
Case No. 1:24-cv-00950-CCE-LPA (M.D.N.C.)
PLEASE READ THE SETTLEMENT NOTICE CAREFULLY.
It is a Notice of a proposed class action settlement in the above-referenced Lawsuit.
If you are a member of the Class, the Settlement will affect your legal rights.
This is not a solicitation from a lawyer.
You have not been sued.
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A Settlement has been reached in a class action lawsuit concerning the Republic Mortgage Insurance Company and Affiliated Companies’ Profit-Sharing Plan (the “Plan”). The Class Action Lawsuit involves whether the Plan was administered in accordance with the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), including whether it was appropriate to maintain the Plan’s guaranteed interest account investment option (“GIA”) as one of the Plan’s available investment options after December 2021. ERISA is the federal law that regulates and sets minimum standards for the administration of most retirement plans in the private sector, including the Plan.
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The Defendant in the Class Action is Republic Mortgage Insurance Company (“RMIC” or “Defendant”). Defendant denies all claims, and nothing in the Settlement is an admission or concession on Defendant’s part of any fault or liability whatsoever.
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The Settlement will provide, among other things, for a $650,000.00 Qualified Settlement Fund that will be allocated to eligible Settlement Class Members after any Court-approved disbursements for Attorneys’ Fees and Costs, Case Contribution Award, and Administrative Expenses.
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The terms and conditions of the Settlement are set forth in the Settlement Agreement dated December 2, 2025. Capitalized terms used in the Notice but not defined in the Notice have the meanings assigned to them in the Settlement Agreement. The Settlement Agreement is available HERE. Certain other documents will also be posted. You should review this website if you would like more information about the Settlement or the Lawsuit. All papers filed in this Lawsuit are also available for review via the Public Access to Court Electronic Records System (PACER), at http://www.pacer.gov.
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The Settlement Class (whose members are “Settlement Class Members”) includes all participants in the Plan whose account balances were reduced by the market value adjustment to the assets invested in the GIA in or around January 2024, and their beneficiaries of record and alternate payees to the extent applicable, excluding the fiduciaries of the Plan (and their beneficiaries and alternate payees).
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Your rights and the choices available to you—and the applicable deadlines to act—are explained in the Notice. Please note that RMIC, Republic Financial Indemnity Group, Inc., Old Republic International Corporation and any of their affiliates, current or former employees, attorneys, or representatives may not advise you as to what the best choice is for you or how you should proceed.
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The Court still has to decide whether to give its final approval to the Settlement. Payments under the Settlement will be made only if the Court finally approves the Settlement in this Class Action and those final approvals are upheld in the event of any appeal.
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A Fairness Hearing will take place on April 16, 2026, at 2:00 p.m., before the Honorable Catherine C. Eagles, Courtroom 3, United States District Court for the Middle District of North Carolina, L. Richardson Preyer Courthouse, 324 W. Market Street, Greensboro, North Carolina 27401-2544, to determine whether to grant final approval of the Settlement and approve the requested Attorneys’ Fees and Costs, the requested Case Contribution Award to the Class Representative, and Administrative Expenses. If the Fairness Hearing is rescheduled, or if it is held by video conference or telephone, a notice will be posted on this Settlement Website, HERE.
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Any objections to the Settlement, or to the requested Attorneys’ Fees and Costs, Case Contribution Awards, and/or Administrative Expenses, must be filed with the Clerk of Court and served in writing on Class Counsel and Defense Counsel, as identified in Item 12, HERE.
The Class Action
The case is called Allison v. Republic Mortgage Insurance Company, Case No. 1:24-cv-00950-CCE-LPA (M.D.N.C.) (the “Class Action” or “Lawsuit”). It has been pending since November 15, 2024. The Court supervising the case is the United States District Court for the Middle District of North Carolina. The individual who brought this Lawsuit is called the Class Representative, and the person that was sued is called the Defendant. The Class Representative—Matt B. Allison—was a participant in the Plan who was invested in the GIA at the time of the market value adjustment in January 2024 that reduced the value of his Plan account. Defendant is RMIC. The claims in the Lawsuit are described in Item 2, HERE, and additional information about them, including a copy of the operative First Amended Complaint, is available HERE.
The Settlement
Following negotiations facilitated by a mediator with the Class Representative, Class Counsel, Defendant, and Defense Counsel, a Settlement has been reached. If the Settlement is approved, a Qualified Settlement Fund of $650,000.00 will be established to resolve the claims against Defendant in the Class Action as part of the Settlement. The “Net Settlement Amount” is $650,000.00 plus any interest earned by the Qualified Settlement Fund, minus all Court-approved: (a) Attorneys’ Fees and Costs; (b) Administrative Expenses; and (c) Case Contribution Award. The Net Settlement Amount will be allocated to Settlement Class Members according to a Plan of Allocation to be approved by the Court and further described below.
Statement of Attorneys’ Fees and Costs, Administrative Expenses, and Case Contribution Award Sought in the Class Action
Class Counsel has devoted hundreds of hours to investigating the facts, prosecuting the Lawsuit, reviewing documents obtained from Defendant, and negotiating the Settlement. During that time, they also advanced significant costs that were necessary to pursue the case. Class Counsel took the risk of litigation and have not been paid for any of their time or for any of these costs throughout the time this case has been pending.
Class Counsel will apply to the Court for payment of attorneys’ fees for their work in the case and the litigation costs advanced. The amount of fees and costs that Class Counsel will request will not exceed one-third (1/3) of the Class Settlement Amount ($216,450.00, which is one-third of $650,000.00). In addition, Class Counsel will seek to recover Administrative Expenses associated with the Settlement, and request a Case Contribution Award of up to $10,000.00 for the Class Representative. Any Court-approved Attorneys’ Fees and Costs, Case Contribution Award, and Administrative Expenses will be paid or reimbursed from the Qualified Settlement Fund.
A full and formal application for Attorneys’ Fees and Costs, Case Contribution Awards, and Administrative Expenses will be filed with the Court on or before February 2, 2026. This application will be made available HERE. You may also obtain a copy of this application through the Public Access to Court Electronic Records System (PACER) at http://www.pacer.gov, or by appearing in person during regular business hours at the Office of the Clerk of the United States District Court for the Middle District of North Carolina, L. Richardson Preyer Courthouse, 324 W. Market Street, Greensboro, North Carolina 27401-2544.