Americans to Get $5,000 from $25M Mortgage Data Breach – Just One Document Needed!

Americans to Get $5,000 from $25M Mortgage Data Breach – If you have just one important document, you can receive a lump sum of up to thousands of dollars. This opportunity has come as a result of a class-action lawsuit filed against loanDepot.

What is the case?

In January 2024, loanDepot suffered a data breach that leaked sensitive information of about 16.9 million customers. This included social security numbers, phone numbers, bank account information, names, and addresses.

The lawsuit alleged that loanDepot’s cybersecurity systems and employee training were not adequate, which could have prevented this data breach. Although the company did not admit any fault, it agreed to a settlement fund of $25 million to avoid litigation and avoid further legal costs.

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Who can claim?

There are some eligibility conditions to claim the settlement amount. Only those people will be eligible for this claim who received a notice from loanDepot via email or post.

This notice contains an ID and confirmation code, which are required for the claim process. Those who have not received the notice or have lost it can contact the Settlement Administrator at:

Phone number: 1-844-996-4090
Website: Visit the official website created for this case

How to file a claim?

If you have an ID and confirmation code, you can submit your claim online or through mail.

Online process:

Go to the official website of the settlement.
Enter your ID and confirmation code.
Fill in the required information and submit the claim.

Through mail:

Download and print the claim form.
Fill in all the information and mail it to the Settlement Administrator.

Important dates:

Last date to file a claim: May 27, 2025
Last date to file exceptions and objections: April 27, 2025
Final approval hearing: August 18, 2025

If approved by the court, payments can be issued anytime after August 2025.

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What is a class-action lawsuit?

A class-action lawsuit means that a group of people who have suffered the same injustice can join together to take legal action.

Such lawsuits are usually filed by one or a few individuals, but when the court grants it “class action” status, it applies to all affected individuals.

Often companies will avoid a long legal battle by entering into a settlement agreement in which they indirectly do not accept responsibility in exchange for compensating the affected people.

Class-action lawsuits are typically filed for reasons such as:

Data breach
Discrimination
False advertising
Environmental pollution

Settlement payment process

The amount a class member receives will depend on how much documentation they submit.

Those who have proof of damages from a data breach:
- Those who submit credit reports, bank statements, receipts, or any other documentation that shows actual financial losses may receive a payment of up to $5,000.
- This may include bank fees, credit monitoring costs, or other financial losses.
Those who don’t have proof:
- Those who file a claim without proof may receive an amount ranging from $5.30 to $70.71.
- California residents in particular may receive $14.90 to $149, as they have additional protections under the California Privacy Act.

Additional benefits:

All eligible claimants will receive 2 years of free credit monitoring and identity protection services.
LoanDepot has also committed to implementing advanced cybersecurity measures at a cost of $9.34 million to prevent future data breaches.

Keep an eye on other settlements

Payouts are also being made under other lawsuits besides the LoanDepot settlement. For example:

Avast Privacy Settlement: $16.5 million fund
New York City Settlement: $92 million fund, with checks ranging from $10,000 to $48,000 being sent out.

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Conclusion

Americans affected by the LoanDepot data breach could receive compensation of up to thousands of dollars under this class-action settlement.

If you received notice of being affected by the loanDepot data breach between January 3-5, 2024, you must file your claim before May 27, 2025.

If you have proof of damages, you may receive a higher amount, and if you don’t, you can still receive a payment ranging from a minimum of $5.30 to a maximum of $70.71 (or $149 in California).