You Could Get Up to $6,500 — Here’s How to Claim It Before June 4

Class action cases are a way for a lot of people with similar complaints or who have been wronged by a big company or institution to work together to get justice and make money.

This makes it more likely for plaintiffs to win than if they tried their case on their own. After being sued for two years over data leaks, the cybersecurity company LoanCare just recently came to an agreement with the claimants.

The rules that cover breaches of client data

It’s more important than ever to know what your rights are as a customer in the digital age and how data breaches affect the law.

When it comes to data security, these are the key federal laws in the US that protect your files and privacy:

• The Gramm-Leach-Bliley Act
• The FCRA is the Fair Credit Reporting Act.
• Section 5 of the FTC Act

The GLBA was made to protect customers’ financial information. It applies to financial companies. Financial institutions need to make sure they have strong data security measures in place to keep customer information safe and let customers know exactly how their information is used.

The FCRA makes sure that credit reporting companies tell the truth and are honest with customers when they report their credit. Every US business has to follow the FTA Act, which says they have to be honest about how they share and use customer data.

LoanCare paid off the $5.9 million claim.

LoanCare recently made a settlement with the plaintiffs in a $5.9 million class action lawsuit that started earlier this month. The lawsuit was about a data breach in 2023 in which the company failed to stop the theft of private customer information.

Customers who got a data breach settlement letter from the company in November 2023 and were told that their information may have been stolen will get the money.

Plaintiffs say that the data breach might not have happened if LoanCare had put in place better cybersecurity measures to protect customer data.

There were names, addresses, Social Security numbers, and loan numbers of people whose information was stolen.

As part of the settlement deal, the plaintiffs may agree to a flat-rate payment or to get money back for losses or costs that have been proven.

Plaintiffs may claim up to $6,500

If you choose compensation payments, you can get up to $5,000 for unusual losses and up to $1,500 for normal losses.

People in the class who didn’t lose anything or don’t want to ask for compensation can get a $100 flat refund. June 4 is the last day for claimants to file a claim.

The last days to protest and be left out are August 5 and July 7, respectively. The last meeting for approval will be on September 4.

Unpaid fees, communication charges, credit tracking services, and other costs were thought of as ordinary losses. Damages from fraud or identity theft that had not been paid were thought of as extraordinary losses.

If you claim either or both of them, you need to make sure that your claim type is shown when you send it in. The claimants will also get services to keep an eye on their identities for three years as part of the deal.

Identity theft victims can get up to $1 million in insurance, talk to fraud experts, have their credit monitored in real time, have their dark web searches done, and get help fixing their identity after it has been stolen.

You can get an extra year of identity monitoring if you were in the class and decided to use LoanCare’s 24-month identity monitoring services before.

These steps are meant to make sure that any data that is stolen is tracked so that it can’t be used fraudulently. Go to Top Class Actions to find out more about this deal and how to file a claim.

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