Mortgage Loan Giant Prepares To Send $26,000,000 To Customers, Ending Lawsuit Over Major Data Breach

A US mortgage lender is preparing to pay $26,000,000 to settle a class action lawsuit that alleges a cybersecurity incident exposed the personal information of millions of individuals.

According to court-approved settlement documents, Florida-based Lakeview Loan Servicing has agreed to a proposed $26 million settlement resolving claims tied to a data breach that affected 2.53 million people across the United States.

The lawsuit stems from a cybersecurity incident in which unauthorized actors gained access to company systems and potentially exposed sensitive personal information. The compromised data may have included names, Social Security numbers, financial account details and other identifying information.

As stated on the official settlement website,

“The Settlement provides for a $26,000,000 non-reversionary common fund to resolve claims arising from the data incident.”

According to the filings, the breach impacted 2,537,261 individuals, including residents reported in multiple states. The incident was identified and later disclosed following an internal investigation into unauthorized access to systems.

The lawsuit alleges that Lakeview failed to implement adequate cybersecurity safeguards to protect consumer data and did not take sufficient steps to prevent unauthorized access to sensitive information.

Though Lakeview has agreed to settle the case, the company denies any wrongdoing or liability related to the incident.

If approved, the settlement will provide payments to eligible class members who submit valid claims, along with additional benefits such as credit monitoring and identity protection services.

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