- Reimbursement for documented out-of-pocket losses up to $25,000 per person.
- Three years of credit monitoring and identity theft protection services.
- Up to $100 statutory payments for the ~364,000 California subclass members.
- Residual cash payments up to $599 if funds remain after claims.
- Any leftover money extends credit monitoring duration.
Judge Leitman acknowledged the case’s contentious nature, stating, “I understood how hotly contested this was, and I appreciate the substantial efforts to settle this case.”
Class counsel described the outcome as fair after years of litigation. Jordan A. Kane of Stueve Siegel Hanson LLP noted during the hearing: “We can all agree this is a fair result, and it comes after many years of litigation.”
Flagstar’s counsel, William E. Ridgway of Skadden Arps Slate & Meagher & Flom, called the settlement “hard fought.”
Plaintiffs plan to request approximately $10.5 million in attorney fees plus $2,500 service awards for class representatives.
The case highlights ongoing risks in financial institutions’ third-party vendor security practices and the growing wave of data breach class actions seeking substantial consumer relief for compromised personal information.
