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The US Sun
Americans can claim up to $5k from $4.76m insurance data breach settlement – you need to look for letter in the mail
By Maya Lanzone,
3 hours ago
THOSE who qualify for an insurance data breach settlement may be eligible to receive up to $5,000.
The money comes from a $4.76 million pot and will potentially go out to the hundreds of thousands of impacted class members.
Group 1001, an insurance and annuity company, is involved in a class action lawsuit over claims it failed to protect its customers from a data compromise in February 2023.
As a result of the incident, consumers’ sensitive data may have been exposed.
Group 1001 customers argued the company could have averted the breach by enforcing appropriate cybersecurity measures.
Although the insurance company has not admitted wrongdoing, it agreed to settle for $4.76 million to resolve claims.
ELIGIBILITY AND PAYMENTS
Several groups are eligible to receive payment from the settlement, including Group 1001 customers, workers, dependants, payees, and other individuals whose data may have been exposed during the breach.
The company estimated that around 475,947 people are included in the settlement class.
Those who are eligible should have previously received a notice informing them that the data compromise potentially affected them.
Eligible class members may be reimbursed up to $5,000 for expenses related to the 2023 breach, including bank fees, communication charges, travel expenses, and credit costs.
Members may also receive compensation for lost time at a rate of $20 per hour for up to four hours.
Accepted forms of documentation include bills, receipts, invoices, account statements, and credit reports.
Class members may receive a pro rata cash payment as an alternative to the reimbursement.
These payments will be $5 at the minimum but their exact amounts will vary based on how many individuals file a valid claim.
Three years of free credit monitoring and identity theft protection services are also being offered to class members in the Group 1001 settlement.
This includes $1 million in identity theft insurance.
Other Open Settlements
Other companies are dishing out cash as part of their settlement terms.
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