A major US bank plans to pay $25,000 to each victim of two data breaches to settle a class-action lawsuit.
Flagstar Bank, NA he agreed to a $31.5 million settlement to compensate 2.18 million Americans whose information was compromised in a data breach that occurred more than four years ago.
Flagstar says that in January 2021, hackers broke into a file-sharing platform used by the bank and obtained the personal information of more than one million users. Among other things, in December 2021, the bank said that cybercriminals broke into Flagstar’s network and obtained the personal information of about one million people.
The class action lawsuit was filed against Flagstar on behalf of the affected bank consumers in the United States District Court for the Eastern District of Michigan.
Settlement class members are eligible for up to $25,000 in written damages incurred as a result of the data breach, including attorneys’ fees, accountants’ fees and debt restructuring services.
An additional fee of $60, or $100 if a California resident, will also be provided, while permanent group members will not be required to provide proof of loss.
The deadline for submitting the application form is August 11th. The court is expected to give its final approval of the decision on October 1.
As part of the settlement, Flagstar denies any wrongdoing.
Flagstar Bank, NA, is based in Hicksville, New York, and has $87.1 billion in assets under management.
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