Mortgage lender LoanDepot has agreed to a $25 million class action settlement to resolve allegations that it failed to protect customer data, leading to a massive data breach in early 2024. The breach exposed the personal information of approximately 16.9 million customers, including sensitive details such as Social Security numbers, financial accounts, and contact information.
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If you were affected by this breach, you may be eligible for a cash payment of up to $5,000, free credit monitoring, and additional benefits. Below, we outline the key details of the settlement, including who qualifies, how to file a claim, and important deadlines.
Who Is Eligible for a Settlement Payment?
The settlement benefits individuals who received a data breach notice from LoanDepot stating that their personally identifiable information (PII) may have been compromised in the breach that occurred between January 3 and January 5, 2024.
If you received this notice, you can submit a claim for compensation under the terms of the settlement.
How Much Money Can You Get?
Eligible class members can receive different types of compensation, including:
💰 Cash Payments (Up to $5,000)
- General Settlement Payment: Estimated $5.30 to $70.71, depending on the total number of claims filed.
- California Residents: Additional payments under the California Consumer Privacy Act (CCPA), ranging from $14.90 to $149.04.
- Reimbursement for Out-of-Pocket Losses: Up to $5,000 for documented financial losses caused by the data breach, including:
- Bank fees, fraudulent charges, and credit monitoring costs
- Identity theft-related expenses
- Costs for replacing identification documents
- Fees to freeze or alert credit reports
🔐 Free Credit Monitoring & Identity Theft Protection
- All class members are eligible for two years of free credit monitoring and identity theft protection services to safeguard against potential misuse of their data.
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What Proof Do You Need to Submit a Claim?
To receive compensation, class members must submit:
✔ Bank statements, credit reports, receipts, invoices, or other documentation proving financial losses related to the breach.
✔ Proof of receiving a LoanDepot data breach notification letter confirming that your information was affected.
How to File a Claim?
📝 Step-by-Step Guide to Submitting Your Claim
1️⃣ Visit the official settlement website: LoanDepotBreachSettlement.com
2️⃣ Complete the online claim form with your details.
3️⃣ Attach required proof of loss (for reimbursement claims).
4️⃣ Submit your claim before the deadline: May 27, 2025.
💡 Note: Filing a fraudulent claim under penalty of perjury can harm other eligible class members. Ensure you meet the qualifications before submitting a claim.
Important Deadlines to Remember
- Claim Form Submission Deadline: 🗓 May 27, 2025
- Opt-Out or Objection Deadline: 🗓 April 27, 2025
- Final Court Approval Hearing: 🗓 August 18, 2025
What Happens Next?
Once the claims are reviewed, eligible claimants will receive settlement payments via check or direct deposit. The final payout amounts may vary based on the total number of claims filed. The settlement also includes $9.34 million in enhanced cybersecurity measures to prevent future breaches, including better cloud security, improved data management, and stronger threat detection.
Need More Information?
📌 Settlement Website: LoanDepotBreachSettlement.com
📌 Claims Administrator Contact:
📍 In re: LoanDepot Data Breach Litigation
📍 1650 Arch Street, Suite 2210, Philadelphia, PA 19103
📧 [email protected]
📞 844-996-4090
Class Counsel (Attorneys Representing Affected Customers):
- Robinson Calcagnie Inc. – Daniel S. Robinson, Michael W. Olson
- Ahdoot & Wolfson P.C. – Tina Wolfson, Alyssa Brown
- Kazerouni Law Group APC – Abbas Kazerounian, Mona Amini
Final Thoughts: Should You File a Claim?
If you received a LoanDepot data breach notice, don’t miss your chance to claim your compensation. Whether you seek cash reimbursement, free credit monitoring, or both, it’s essential to file your claim before May 27, 2025.
🔔 Act Now! Visit LoanDepotBreachSettlement.com to secure your benefits today!
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