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Individuals who received a notice stating the October 2021 data breach involving Bayview Asset Management, Lakeview Loan Servicing, Pingora Loan Servicing and Community Loan Servicing may have compromised their personal information could be eligible to claim compensation from a class action settlement.
The above defendants agreed to pay $26 million to resolve a class action lawsuit alleging they failed to adequately safeguard customer data, resulting in unauthorized access to files containing personal information.
The cybersecurity incident compromised data belonging to as many as 5.8 million current and former customers.
Who are the class members?
Class members include any person residing in the United States who received a notice from Bayview Asset Management, Lakeview Loan Servicing, Pingora Loan Servicing or Community Loan Servicing stating the Oct. 11, 2021, data breach potentially compromised their personally identifiable information.
The settlement considers class members who resided in California on Oct. 11, 2021, part of the California settlement class, which is eligible for additional benefits.
How much will settlement payments be?
Class members have the following benefit options:
- Out-of-pocket loss reimbursement: Class members can claim up to $5,000 for documented, unreimbursed out-of-pocket expenses related to the data breach. Eligible expenses include monetary losses resulting from identity theft or fraud, charges for freezing or unfreezing credit reports, notary or postage fees and credit monitoring purchased after Oct. 11, 2021.
- The settlement caps out-of-pocket claims at $5,000,000. If total class member claims exceed this amount, the settlement administrator will reduce payments proportionally.
- Pro rata cash payment: Class members can submit a claim to receive a pro rata cash payment from the remaining settlement funds after the settlement administrator pays all other costs. The administrator will determine the final payment amount by the total number of claims filed.
- California pro rata cash payment: California residents who lived in the state at the time of the Oct. 11, 2021, breach can submit a claim to receive two shares of the pro rata cash payment. The settlement administrator will determine the final payment amount by the total number of claims filed.
- Credit monitoring: All class members may elect to receive one year of free CyEx’s Financial Shield Total credit monitoring services.
How to claim a class action rebate
To receive a settlement payment, class members can file a claim online or print the PDF claim form to complete and mail to the settlement administrator.
Settlement administrator's mailing address: Lakeview Data Breach Settlement, c/o Kroll Settlement Administration LLC, P.O. Box 5324, New York, NY 10150-5324
Class members must submit claims online or postmark them by June 22, 2026.
Required proof and claim information
- All claims require the class member ID from the settlement notice on the claim form.
- Out-of-pocket loss claims require supporting documentation, which may include receipts, invoices, bank or credit card statements showing fees or fraudulent charges, police reports or other proof of identity theft or fraud.
Payout options
- Electronic payment
- Paper check mailed to the address provided
$26 million Lakeview Loan Servicing settlement fund
The $26,000,000 settlement fund will include:
- Settlement administration costs: To be determined
- Attorneys' fees: Up to $8,666,666.67
- Attorneys' expenses: To be presented to the court for approval at a later date
- Service awards to class representatives: $7,500 each for 22 class representatives ($165,000 total)
- Credit monitoring: Cost determined by number of claims filed
- Out-of-pocket losses claims: Up to $5,000,000
- Pro rata cash payments: Remaining settlement funds
Important dates
- Deadline to opt out: June 11, 2026
- Deadline to file a claim: June 22, 2026
- Final Fairness Hearing: July 2, 2026
When is the Lakeview Loan Servicing data breach payout date?
The settlement administrator will issue payments to approved class members approximately 75 days after the court grants final approval of the settlement.
Why did this class action settlement happen?
The class action lawsuit alleged that Bayview Asset Management, Lakeview Loan Servicing, Pingora Loan Servicing and Community Loan Servicing failed to properly protect customer data, resulting in unauthorized access to files containing personal information.
The defendants deny the allegations but agreed to settle to avoid the expense and uncertainty of continued litigation and a possible trial.
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