Forward Bank $1.18M Data Breach Settlement

If you received a notice from Forward Bank indicating your private information was compromised in a data incident, you may be eligible to claim up to $5,000 from a class action settlement.

Forward Bank has agreed to pay $1,185,000 to settle a class action lawsuit for allegedly failing to implement adequate security measures to protect private information.

Who can file a claim?

You are considered a Class Member if you received a notice from Forward Bank about the data incident that occurred in September 2023. The incident involved unauthorized access to personal information, including names, Social Security numbers, and financial account details.

To be eligible, you must have received a notification from Forward Bank.

How much can class members get?

• Reimbursement for Out-of-Pocket Losses: Up to $5,000 for documented expenses such as identity theft protection services, professional fees to remedy identity theft, or costs to freeze credit.
• Cash Payment: Approximately $75, adjusted based on the remaining settlement fund after other expenses.

If the settlement fund is depleted, the cash payment amount will be adjusted. For example, if the total valid claims exceed the fund, each claimant's payment will be reduced proportionally.

Docs required to submit a claim

Claimants need to provide documentation to support their claims for out-of-pocket losses. This includes receipts or other third-party documentation, such as bank statements or service bills.

• Claimants must submit documentation supporting their claimed losses.
• Self-prepared documents like handwritten receipts are insufficient on their own but can support other documentation.

How to claim an award

To claim an award, Class Members must submit a claim form by January 8, 2025. Claims can be filed online at the online claim form or by mailing a paper claim form.

Mail completed forms to:

Forward Bank Data Settlement

Settlement Administrator

PO Box 25226

Santa Ana, CA 92799

Claimants need to provide documentation to support their claims for out-of-pocket losses. This includes receipts or other third-party documentation, such as bank statements or service bills.

$1,185,000 Settlement fund

The settlement fund of $1,185,000 will cover reimbursements for out-of-pocket losses, cash payments to Class Members, attorneys' fees, and settlement administration costs.

• Reimbursements for out-of-pocket losses: Up to $5,000 per claimant.
• Cash payments: Approximately $75 per claimant, subject to adjustments.
• Attorneys' fees: Not to exceed $395,000.
• Litigation costs and expenses: Up to $30,000.
• Class Representative Service Awards: Up to $3,000 each.

Important dates

• Deadline to File a Claim: January 8, 2025
• Final Approval Hearing: January 21, 2025

When is the Forward Bank Data Settlement payout date?

The Court will hold a Final Approval Hearing on January 21, 2025, to determine the fairness of the settlement. If approved, payments will be distributed to eligible Class Members.

Why was there a class action settlement?

The lawsuit alleged that Forward Bank failed to implement adequate security measures to protect private information, leading to a data incident. The settlement was reached to avoid the uncertainty and expense of ongoing litigation and to provide compensation to affected individuals.