Flagstar Financial institution has reached a proposed class motion settlement to resolve claims over two separate cyberattacks that compromised buyer knowledge.
The settlement establishes a $31.5 million fund to compensate affected people, stories USA Right now.
The breaches occurred in January 2021 and December 2021, exposing private data belonging to roughly 2.19 million folks nationwide, together with about 364,000 California residents.
Eligible class members can search reimbursement of as much as $25,000 for documented losses akin to fraud or id theft prices.
These with out particular losses might obtain a residual money fee estimated round $60, with the opportunity of increased quantities relying on claims quantity.
Individuals additionally qualify for 3 years of credit score monitoring companies together with as much as $1 million in id theft insurance coverage protection.
California residents stand to obtain a further statutory fee of as much as $100 beneath the phrases.
The settlement stems from the case Angus et al. v. Flagstar Financial institution, N.A., filed within the U.S. District Court docket for the Jap District of Michigan.
Flagstar has denied any wrongdoing however agreed to the decision to keep away from extended litigation prices.
Claims should be submitted by August 11, 2026, by way of the official settlement web site at flagstarsettlement.com.
A closing equity listening to is scheduled for October 2026, after which accredited funds would start distribution. The settlement class members will be capable of get the funds by way of numerous strategies together with checks and fee apps akin to PayPal, Venmo or Zelle.
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