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THERE are just days left for eligible bank users to take action to claim a payout from a data breach settlement.
Customers of Forward Bank need to be quick if they want to claim a check of up to $5,000 due after their data was compromised.
Forward Bank customers have just days left to claim compensation after a data leak (stock)[/caption]
The Wisconsin-based bank has agreed to pay out $1.185 million after it faced a class-action lawsuit claiming it failed to prevent a data breach in 2023.
On or around September 6, 2023, sensitive information, including social security numbers and account information was leaked.
The lawsuit claimed that the bank had failed to install adequate cybersecurity measures that could have prevented the breach.
In agreeing to pay the settlement money, Forward Bank has not admitted any wrongdoing but brings an end to litigation.
All customers who are believed to have been impacted by the incident were notified by the bank via a data breach notice.
Those who received this notice must take action now to claim their compensation.
Claimants could receive up to $5,000 plus money for loss of time.
Without proof of losses, eligible claimants will be rewarded a flat rate of around $75.
The total amount will be decided once all claims have been filed.
Those who have documented proof of any losses following the incident in September 2023 will be eligible for a larger payout up to the $5,000 threshold.
Expenses that can be claimed include such as fraud-related loss, credit expenses, and identity theft damages.
Lost time will be paid back at a rate of $20 per hour for a maximum of five hours.
Those who wish to claim such losses over $75 will have to prove expenses with account statements, invoices, receipts, and other proof of loss.
But, all claim forms must be filed by January 8.
This gives claimants just four days to ensure they have all the evidence they need to claim was much money as possible.
One key deadline has already passed and if those who have not taken action to be excluded from the settlement fail to submit a claim in time, they will not receive any money.
November 24, 2024, was the deadline for class members to have excluded themselves from the settlement if they wished to do so.
This means they will not receive any money but will be able to retain their legal right to bring further action against Forward Bank regarding the same data breach.
The final approval hearing for the settlement is due to take place on January 21.
Meanwhile, JetBlue customers are in for a payday as the company has been told to payout $2 million for delays.
