In a significant move toward consumer protection, mortgage lender LoanDepot has agreed to a $25 million settlement after a data breach compromised the personal information of nearly 16.9 million customers. Affected individuals can claim compensation of up to $5,000, with some only needing a single document to qualify.
What Happened?
In January 2024, LoanDepot suffered a cybersecurity breach that exposed sensitive information, including:
- Names
- Addresses
- Social Security Numbers (SSNs)
- Financial Account Details
The breach sparked widespread concern as customers feared potential identity theft and financial fraud. Following legal action, LoanDepot agreed to a $25 million class-action settlement to compensate affected individuals and implement stronger cybersecurity measures.
Who Is Eligible for Compensation?
You may be eligible for compensation if:
- You received a notice from LoanDepot stating your data was compromised.
- Your information was exposed between January 3 and 5, 2024.
- You experienced financial losses due to the breach and have supporting documents.
California residents may receive additional payments under the California Consumer Privacy Act (CCPA).
How Much Can You Get?
The compensation is structured as follows:
General Settlement Payments – Between $5.30 and $70.71, depending on the number of claims filed.
California Residents – Additional compensation ranging from $14.90 to $149.04 under CCPA.
Out-of-Pocket Losses – If you experienced financial damages due to the breach, you can claim up to $5,000 by providing documentation such as:
- Credit reports showing fraud
- Bank statements with unauthorized transactions
- Receipts for fees paid to secure your accounts
Credit Monitoring & Identity Theft Protection – All claimants are entitled to two years of free credit monitoring services.
How to Claim Your Settlement Payment
Claiming your compensation is simple and requires just a single document – the notification letter you received from LoanDepot.
Follow these three steps:
- Locate Your Notification Letter – If you received a letter from LoanDepot, it contains your Claim ID and Confirmation Code.
- Submit Your Claim – Visit the official settlement website: LoanDepotBreachSettlement.com
- You can file a claim online or download the claim form and mail it.
- Provide Supporting Documents (If Needed) – If you are requesting out-of-pocket reimbursements, attach supporting documents such as credit reports or receipts.
Lost Your Notification Letter?
If you misplaced your Claim ID, contact the settlement administrator at:
- 1-844-996-4090
- LoanDepotBreachSettlement.com
Important Deadlines
- Claim Submission Deadline – May 27, 2025
- Exclusion or Objection Deadline – April 27, 2025
- Final Court Hearing – August 18, 2025
What Happens Next?
Once all claims are reviewed and approved by the court, payments will be distributed via check or direct deposit. If you qualify, expect to receive your money after the final court hearing.
How LoanDepot Is Improving Security
As part of the settlement, LoanDepot has agreed to invest $9.34 million in cybersecurity upgrades, including:
- Stronger firewall protections
- Enhanced encryption methods
- Regular security audits
Protect Yourself from Data Breaches
In light of the increasing number of cyberattacks, experts recommend:
- Freezing your credit to prevent fraud
- Monitoring your accounts for suspicious activity
- Using strong, unique passwords for online banking
Final Thoughts
If you were affected by the LoanDepot data breach, don’t miss your chance to claim your share of the $25 million settlement. With just one document, you could receive up to $5,000 in compensation.
Visit LoanDepotBreachSettlement.com today and file your claim before May 27, 2025!
This article has been carefully fact-checked by our editorial team to ensure accuracy and eliminate any misleading information. We are committed to maintaining the highest standards of integrity in our content.
Himanshu Sharma writes for Weekend Spy, focusing on recruitment, government schemes, and current affairs. He is dedicated to making complex information accessible to readers.
Himanshu enjoys playing chess, hiking, and trying new recipes, always seeking ways to combine his love for writing with his passion for exploration. Connect with Drop him an email at [email protected].
