A New York bank has agreed to a multi-million dollar class action settlement over prior data breaches.
Flagstar Bank has settled for $31.5 million related to two 2021 data breaches that exposed personally identifiable information of more than 2 million consumers, including about 364,000 in California.
The settlement addresses claims that the bank failed to implement adequate security measures during the January and December 2021 incidents.
Class members can seek compensation for documented losses up to $25,000, with a claims deadline in August 2026.
The resolution provides relief to affected individuals whose data was compromised years earlier, including potential cash payments and credit monitoring.
This settlement follows preliminary court approval in the Michigan federal case.
Flagstar Bank operates approximately 340 branches across nine states, with strong presence in the greater New York and New Jersey metropolitan areas, the upper Midwest including Michigan, Florida and the West Coast.
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