LendingTree $875,000 Settlement: Claim Your Data Breach Compensation

If you've been affected by the LendingTree Data Security Incident in February 2022, you may be eligible for compensation as part of a class action settlement. This article will guide you through the details of the settlement, who benefits, how much you can get, and how to claim your award.

Who Benefits?: Individuals whose personal information was compromised during the Data Security Incident.

How much can I get?: Eligible class members can choose between credit monitoring services with additional compensation or a cash payment estimated at $100.

Important Dates

• Fairness Hearing: The Court will hold a Final Fairness Hearing on January 25, 2024.
• Deadline to File a Claim: Claims must be submitted by January 23, 2024.

Identifying Eligible Class Members

If you had personal information such as your full name, Social Security number, date of birth, and address stored on LendingTree's online platforms during the Data Security Incident, you are considered a Settlement Class Member. This incident led to the proposed settlement designed to compensate those affected and to provide future protection for their personal information.

• Settlement Class Members are individuals whose personal information was potentially compromised due to the Data Security Incident.

Exclusions from the settlement include the presiding judge and their family, the Defendant and its related parties, and anyone who submits a valid request for exclusion from the settlement.

Comprehensive Breakdown of Settlement Awards

Settlement Class Members have the option to choose from two types of awards. The first option includes three years of credit monitoring services provided by Equifax, along with compensation for unreimbursed economic losses and lost time due to the Data Security Incident. The second option is a cash payment, which is estimated to be $100 but may vary depending on the number of valid claims filed.

• Credit Monitoring Services: A three-year subscription to Equifax credit monitoring services, identity restoration services, and $1,000,000 in identity theft insurance.
• Unreimbursed Economic Losses: Compensation for out-of-pocket costs related to fraud, identity theft, and the purchase of identity protection services that are traceable to the Data Breach, up to $10,000.
• Lost Time: Compensation for time spent remedying issues related to the Data Security Incident, up to 10 hours at $25.00/hour (up to $250).
• Alternative Cash Payment: An estimated $100 payment from the Settlement Fund, subject to adjustment based on the number of valid claims.

Services Included in the Settlement

The settlement provides affected individuals with services to help monitor and protect their credit, aiming to prevent identity theft and provide assistance if identity theft occurs.

• Daily one-bureau credit monitoring
• Identity restoration services
• Identity theft insurance

Is Proof Required to Claim the Reward?

Yes, proof is required to claim certain rewards. Settlement Class Members must submit a valid Claim Form along with any required documentation to qualify for reimbursement of economic losses or compensation for lost time.

How to Claim Your Award

To claim your award, complete and submit a Claim Form by the deadline of January 23, 2024. If you need assistance, contact the Settlement Administrator for more information.

Analyzing the Settlement Fund

LendingTree has agreed to pay $875,000 into a Settlement Fund. This fund will cover the costs of notice and administration, attorneys' fees, and payments to Settlement Class Members who submit a valid Claim Form. The net Settlement Fund, after deductions, will be allocated to eligible Settlement Class Members based on the type of award they choose and the validity of their claims.

Exploring the Reasons for the Settlement

The lawsuit was initiated by plaintiffs alleging that LendingTree disclosed personal information due to a code vulnerability. LendingTree denies these claims but has agreed to the settlement to avoid the risks and costs associated with ongoing litigation. This settlement provides an opportunity for affected individuals to receive compensation without further delay and aims to prevent future data breaches.