Mortgage Loan Giant Prepares To Send $26,000,000 To Customers, Ending Lawsuit Over Major Data Breach
Lakeview Loan Servicing will pay $26 million to settle a lawsuit stemming from a 2023 data breach affecting 2.53 million people.Summary
US mortgage lender Lakeview Loan Servicing has agreed to a $26 million settlement to resolve a class action lawsuit related to a significant data breach. The breach, which impacted 2.53 million individuals across the United States, occurred when unauthorized actors gained access to the company’s systems, potentially exposing sensitive personal information such as names, Social Security numbers, and financial account details.
The lawsuit alleged that Lakeview failed to implement sufficient cybersecurity measures to protect consumer data and prevent unauthorized access. While the company denies any wrongdoing, the settlement will provide payments to eligible class members who submit valid claims, as well as offering credit monitoring and identity protection services.
The settlement is still subject to court approval, but if approved, the $26 million will be distributed as a non-reversionary common fund to those affected by the data incident.
(Source：The Daily Hodl)