API Financial Solutions Data Incident Settlement: Details

If you received a notice from API Financial Solutions indicating that your private information may have been impacted in a data incident, you may be eligible to claim a cash award or reimbursement up to $5,000 from a class action settlement.

API Financial Solutions has agreed to pay $457,500 to settle a class action lawsuit for alleged negligence in handling class member data, which led to a data breach.

Who are the class members?

You are included in the settlement if you received a notice of the data incident from API Financial Solutions. The settlement class includes approximately 31,000 individuals in the United States.

Individuals who received a notice of the data incident from API are automatically part of the settlement class.

How much can class members get?

• Cash Award: The amount will be calculated by dividing the remaining settlement fund after expenses by the number of valid claims.
• Documented Loss Payment: Up to $5,000 for reimbursement of documented losses related to the data incident. Examples of reimbursable expenses include bank fees, credit monitoring costs, and other out-of-pocket expenses.

For example, if the settlement fund remaining after expenses is $300,000 and there are 10,000 valid claims, each claimant would receive $30.

If a claimant opts for the documented loss payment, they could receive up to $5,000, provided they submit the necessary documentation.

How to claim an award

To claim an award, class members must submit a claim form. You can file a claim online or download the PDF claim form and mail it to the Settlement Administrator:

API Financial Settlement

c/o Settlement Administrator

PO Box 25414

Santa Ana, CA 92799

Claim forms must be submitted online or postmarked by December 18, 2024.

Payment Methods

• PayPal
• Venmo
• Zelle
• MasterCard
• Paper check

Settlement Fund Breakdown

The settlement fund of $457,500 will cover:

• Cash awards or documented loss payments to class members
• Settlement administration costs
• Attorneys' fees and costs
• A service award to the class representative

Class Counsel will seek $152,500 in attorneys' fees and up to $20,000 in costs.

Important Dates

• Deadline to File a Claim: December 18, 2024
• Final Approval Hearing: January 28, 2025

When is the API Financial Settlement payout date?

The Court will hold a final approval hearing on January 28, 2025. If the settlement is approved, payments will be distributed to class members who submitted valid claims.

Why was there a class action settlement?

This class action lawsuit arose from a data incident involving API Financial Solutions, where a computer drive containing sensitive information was lost in transit. The lawsuit alleges negligence in handling this data.