BANK users could be eligible for thousands of dollars in a payout following an alleged data breach.
But those who can claim money have just days left to take action or they will lose it.
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It comes after the Forward Bank agreed to pay a settlement of $1.185 million after the company was accused of failing to prevent a data breach.
On or around September 6, 2023, a number of customers had their sensitive information compromised.
This information included social security numbers and account information.
Those whose data was at risk from the breach were alerted by a data breach notice from the Forward Bank.
The settlement comes after a lawsuit filed in Wisconsin accused the bank of failing to prevent the data breach with its cybersecurity measures.
In agreeing to pay out for a class action settlement, Forward Bank has not admitted to any wrongdoing.
Those who are eligible for a payout could receive up to $5,000 as well as compensation for loss of time.
Payments will start at around $75 for those who do not have any documented losses as a result of the breach.
The exact amount will be established once all claims have been filed.
Those who can document their losses or expenses such as fraud-related loss, credit expenses, and identity theft damages can get the larger amounts of up to $5,000.
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.
However, action must be taken quickly if bank users wish to get their money.
One key deadline regarding the settlement has already passed and this impacts the legal rights of class members.
What’s a class-action settlement?
Class action lawsuits offer groups of people, or ‘classes,’ a way to band together in court.
These suits are often brought by one or a few people who allege a company or other entity has wronged a large group of people.
When a suit becomes a class action, it extends to all “class members,” or people who may have similar complaints to those who filed the suit.
Companies often settle class actions – offering payment to class members who typically waive their right to pursue further legal action by accepting money.
These payout agreements frequently include statements by the defendant denying wrongdoing. Companies tend to settle class actions to avoid the costs of further litigation.
Pollution, discrimination, or false advertising are a few examples of what can land a class action on a company’s doorstep.
On November 24, 2024, all eligible claimants must have objected to the settlement or excluded themselves from it if they wished to do so.
Exclusion means that you will not receive any money in this payout but will be able to retain your legal right to bring further action against Forward Bank regarding the same data breach.
Eligible class members who fail to do this and who miss the deadline to apply for a payout will not receive any money and will not be able to bring future legal action against the company regarding the breach.
All claim forms must be completed and submitted by January 8, 2025.
The final approval hearing for the settlement is due to take place on January 21.
Payments will swiftly be made to successful applicants following this date.
Meanwhile, there are just hours left for people to claim money from a payout of over $150 million from a canned tuna settlement.
