Financial Asset Management Systems Data Settlement
Financial Asset Management Systems, Inc.
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If you received a notice from Financial Asset Management Systems, Inc. regarding a cybersecurity incident in March 2023, you may be eligible to claim up to $2,500 from a class action settlement.

Financial Asset Management Systems, Inc. has agreed to pay $1,731,190 to settle a class action lawsuit for alleged negligence in protecting personal information during a cybersecurity breach.

Who is eligible for a data breach payout?

Individuals in the United States that received a notice from Financial Asset Management Systems that their information may have been compromised in a March 2023 cybersecurity incident.

How much is the FAMS settlement payment?

Class members can claim one or more of the following:

  • Documented Out-of-Pocket Losses: Up to $2,500 per person for financial expenses and losses incurred due to the cybersecurity incident.
    • Examples include unreimbursed losses from fraud, professional fees, and credit monitoring costs.
  • Identity Theft Protection and Credit Monitoring: Two years of free credit monitoring services, including up to $1 million in identity theft insurance.
  • Pro Rata Cash Payment: Instead of documented losses or credit monitoring, a pro rata cash payment from the remaining settlement funds after other claims and expenses are paid.

How to claim a data breach settlement payout

To claim a FAMS payment, you must submit a claim form by May 13, 2025. You can file a claim online or download the PDF claim form to print and mail to the settlement administrator.

Settlement mailing address: Financial Asset Management Systems, Inc., c/o Kroll Settlement Administration LLC, P.O. Box 225391, New York, NY 10150-5391

Required documentation

  • Notice ID required to submit a claim online
  • Documentation is required with Out-of-Pocket Losses such as receipts, invoices, and bank or credit card statements

Payment options

Class members can select:

  • Electronic payment
  • Paper check

$1.73 Million settlement fund breakout

The settlement fund of $1,731,190 will include:

  • Settlement notice and administration costs: TBD
  • Attorneys' fees and expenses: up to $577,005.63
  • Service awards to the two class representatives: up to of $8,000
  • Payments to approved claimants: Based on remaining funds and number of claims
  • Credit monitoring and identity protection services: Cost TBD

Important dates

  • Deadline to File a Claim: May 13, 2025
  • Final Approval Hearing: May 21, 2025

When is the FAMS Data Settlement payout date?

The final hearing is scheduled for May 21, 2025. Once the court grants approval to the settlement, payments will be issued to approved claimants within 120 days. Appeals can delay the process.

Why is there a class action settlement?

The lawsuit alleges that Financial Asset Management Systems, Inc. failed to adequately protect personal information, leading to a cybersecurity breach in March 2023. The settlement avoids the costs of lengthy litigation and a trial.

Source

Settlement Open for Claims
Award:
Up to $2,500
Deadline:
May 13, 2025
SUBMIT CLAIM