See, the personal data of the customers that LoanCare had was super valuable, actually, because it is a company that handles your mortgage payments, right? But then you come to know about the data breach that happened, and quite literally, more than a million customers’ personal data was leaked. That sounds alarming, crazy, and disappointing, but the case didn’t last long; actually, there is already a LoanCare Data Breach Settlement. So let’s just talk about it right away.
What Exactly Happened?
In case you don’t know about the backstory of this case yet, well, just to brief you here, see, exactly on November 19, 2023, hackers breached the systems of LoanCare and Fidelity National Financial. And? Well, of course, the personal data was breached, and quite literally over a million customers’ personal data was compromised in this digital attack. And sure enough, when the company found out about this breach, they started mailing about this incident to the customers.
Sure enough, as you would expect from any big company out there, LoanCare also stated that there were proper security measures in place, and they didn’t have any kind of misconduct from their side that led to this breach of personal data of millions of customers. No doubt, when customers found out about it, there was a class action was launched against the company, and that’s how this case took off.
The Lawsuit Explained (Simply)
First of all, this lawsuit was actually filed in a federal court in Florida. The main allegations were that LoanCare and Fidelity National Financial were negligent in securing customer information, and that is why this incident happened in the first place.
Well, looking at how big a thing this case was quickly becoming, no doubt, instead of going down the legal route and battling out this case, they just wanted to settle it after just the first hearing. So, that’s pretty much what they did. When they decided this, after that, the date of the final approval hearing is set for September 4, 2025.
The $5.9 Million Settlement
Surely, the damage was already done in the data breach, but at least, this multi-million dollar settlement worked like a cushion for many out there. But the thing to note here is that even after this settlement was reached in this case, the company, LoanCare, did not admit that they were in the wrong. They still maintain the same story that there were proper security measures in place, and they had nothing to do with this data breach. That’s the important part you should always keep in mind.
Who Is Eligible?
Well, the criteria are pretty much simple, actually, like do you remember we talked about how LoanCare and Fidelity National Financial sent out the data breach notice to those who were affected by this? So yes, if you have gotten that Data Breach Notice in the mail, then you’re pretty much good to go, and you’re already part of this settlement. On the opposite side, if you still didn’t get any kind of notice, that just means you were not affected, and there is nothing for you in this settlement; however, you can reach out to the company to confirm that.
What Can You Get?
You have a few options:
1. Reimbursement for losses (up to $1,500)
This covers things like credit monitoring, credit freezes, or bank fees. Though, before you go about that, you’ll need proof of the expenses.
2. Reimbursement for major losses (up to $5,000)
As it is expected that this is pretty much what happened in this data breach, see if the breach led to identity theft or other significant financial harm, you can claim these extraordinary losses.
3. A simple $100 cash payment
For this one, though, you don’t need any receipts or anything like that; you can just fill out the form and claim this cash payment. Plain and simple!