Time is running out for eligible customers of Forward Bank to claim their share of a $1.185 million data breach settlement, with potential payouts reaching $5,000 per claimant. The deadline to file your claim is fast approaching, leaving just days to take action and secure compensation.
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What Happened? The 2023 Forward Bank Data Breach
On or around September 6, 2023, Forward Bank suffered a significant data breach that exposed sensitive customer information, including:
- Social Security numbers
- Account details
The breach led to a class-action lawsuit alleging that the Wisconsin-based bank failed to implement adequate cybersecurity measures to prevent the incident.
While Forward Bank has not admitted to any wrongdoing, it agreed to a settlement to resolve the litigation.
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Who Is Eligible for Compensation?
Forward Bank notified affected customers via data breach notices. If you received this notice, you may be entitled to compensation, including:
- Flat Rate Payment: $75 for eligible claimants without proof of specific losses.
- Compensation for Verified Losses: Up to $5,000 for claimants who can provide documentation of fraud-related expenses, identity theft damages, or credit monitoring costs.
- Lost Time Reimbursement: $20 per hour for up to 5 hours (a maximum of $100) for time spent addressing the breach.
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What Proof Is Required?
Claimants seeking more than the $75 flat rate must provide evidence, such as:
- Account statements
- Invoices or receipts
- Proof of fraud-related expenses
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Key Deadlines
- Claim Filing Deadline: January 8, 2025 – Submit your claim with supporting documents before this date to secure your compensation.
- Exclusion Deadline Passed: November 24, 2024 – Customers who wished to exclude themselves from the settlement to pursue individual legal action can no longer do so.
The final approval hearing for the settlement is set for January 21, 2025.
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How to File Your Claim
- Locate Your Data Breach Notice: Check your mail for the notice sent by Forward Bank.
- Submit Your Claim: Complete the claim form included with the notice or file online as instructed.
- Provide Proof: Attach any necessary documentation to maximize your payout.
Why Act Now?
If you miss the January 8 deadline, you will forfeit your right to compensation. This is your last chance to receive a payout, ranging from $75 to as much as $5,000, depending on your circumstances and evidence provided.
Don’t Delay – Claim What’s Yours!
Forward Bank’s settlement ensures compensation for the inconvenience and risks caused by the breach. Act quickly to secure your share before time runs out. For additional details or assistance, visit the settlement website or contact Forward Bank’s support team.
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