LCS Financial Services Data Breach Settlement

If you received a notice from LCS Financial Services indicating that your private information might have been compromised in a data breach, you could be eligible to claim compensation from a class action settlement.

LCS Financial Services has agreed to pay $420,000 to settle a class action lawsuit regarding allegations of a 2023 cyberattack at LCS Financial that led to unauthorized access to sensitive personal information.

Who are the class members?

The class members include individuals residing in the United States who received a notice letter from LCS Financial Services about the data breach.

What are the benefits available to claim?

• Identity Theft Protection: All class members can receive two years of identity theft protection services, which include credit bureau monitoring and $1 million in identity theft insurance. No documentation is required to claim this benefit.
• Lost Time Reimbursement: Class members can claim up to four hours of reimbursement for time spent addressing the data breach, at a rate of $16.65 per hour. A brief description of activities and time spent is required, but no additional documentation is necessary.
• Out-of-Pocket Expense Claims: Members can claim up to $425 for documented out-of-pocket expenses incurred due to the data breach. These expenses include unreimbursed bank fees, long-distance phone charges, data charges, postage, gasoline for local travel, and fees for credit reports or identity theft insurance. Documentation such as receipts is required.
• Extraordinary Losses: Members who suffered monetary losses due to fraud or misuse of their data can claim up to $5,000. These losses must be documented, unreimbursed, and directly linked to the data breach. Proof of efforts to mitigate or seek reimbursement for these losses is also necessary.

Documents required to submit a claim

• Identity theft protection and lost time reimbursement: do not require documentation
• Out-of-pocket expenses and extraordinary losses: must be supported by receipts or other documentation

How to claim benefits

Class members must submit a claim form.

The quickest way to file is through the online claim form. Alternatively, a PDF version of the claim form can be downloaded and mailed to the claims administrator at:

LCS Financial Settlement

c/o Claims Administrator

PO Box 25226

Santa Ana, CA 92799

Claim instructions

Follow these steps to submit your claim:

1. Visit the settlement website and access the online claim form
2. Enter your Claim Login ID and PIN, found on the notice mailed to you
3. Complete the form with your personal information and details of your claim
4. Upload or mail supporting documentation if required
5. Submit the form online or mail it to the claims administrator by the deadline

Payment methods

• PayPal
• Venmo
• Zelle
• Virtual Prepaid Card
• Physical Check

Settlement fund expenses

• Class members' claims for identity theft protection, lost time, out-of-pocket expenses, and extraordinary losses
• Attorneys' fees and costs, capped at $420,000
• Service awards for class representatives, each receiving $1,200

Important dates

• Deadline to File a Claim: January 28, 2025
• Final Approval Hearing: January 7, 2025

When is the LCS Financial Settlement payout date?

The court will hold a final approval hearing on January 7, 2025. If approved, the settlement benefits will be distributed to eligible class members assuming any appeals are resolved.

Why was there a class action settlement?

This settlement resolves allegations that LCS Financial Services failed to protect private and sensitive information, resulting in unauthorized access during a cyberattack.

This breach, which occurred on or about February 24, 2023, potentially exposed the following types of personal information:

• Names
• Addresses
• Dates of birth
• Phone numbers
• Email addresses
• Social Security Numbers
• Financial account information

The settlement avoids the costs and risks of a trial, allowing class members to receive benefits.