National Advisors $650,000 Settlement for Data Breach

If you are a National Advisors customer whose personal identifiable information (PII) was exposed to unauthorized parties between February 2023 and April 2023, you may be eligible to submit a claim for up to $5,000 from a class action settlement.

National Advisors Trust Company has agreed to pay $650,000 to settle a class action lawsuit due to alleged data security failures that compromised sensitive personal information.

Who is eligible for a settlement payment?

• Your personal information on file with National Advisors was accessed by unauthorized parties due to a data breach that occurred between February 2023 and April 2023.
• You received an official notice from National Advisors about the data incident on February 2, 2024.

How much is the data breach payout?

Class members can claim one or more of the following class action rebates:

• Reimbursement for Documented Monetary Losses: Up to $5,000 for documented monetary losses incurred due to the cybersecurity incident. Includes unreimbursed losses from fraud or identity theft, professional fees, costs associated with freezing or unfreezing credit, credit monitoring costs, and miscellaneous expenses.

• Credit Monitoring: Three years of one-bureau credit monitoring services.

• Cash Payment: Pro rata cash payment from leftover settlement funds. Amount will be determined by the number of valid claims filed.

How to claim class action payment

To claim a settlement payment, class members must submit a claim form by the deadline: June 11, 2025. You can file a claim online or download and print the PDF claim form and mail it to the settlement administrator.

Settlement Administrator's mailing address: NAH Settlement, c/o A.B. Data, Ltd., PO Box 173054, Milwaukee, WI 53217

Required proof

Documented Monetary Losses claims require supporting documentation, such as bank and credit card statements showing charges or unreimbursed fees, invoices for paid services such as credit monitoring or accountants' fees, and proof of any other expenses.

Claim payout options

• Digital payment (only available for online claims)
• Paper check mailed to address provided

$650,000 data breach settlement fund

The settlement fund of $650,000 includes:

• Settlement administration costs: Estimated at $42,000
• Attorneys' fees: Up to $216,666.67
• Attorneys' expenses: Up to $10,000
• Class Representative service award: Up to $2,500
• Credit Monitoring: Cost determined by number of claims
• Payments to approved claimants: Remaining funds after other expenses

Important dates

• Fairness Hearing: June 17, 2025
• Deadline to File a Claim: June 11, 2025

When is the National Advisors data breach payment date?

The court will hold the final approval hearing on June 17, 2025. Payments will be issued to class members with valid claims after the judge grants final approval.

Why is there a class action settlement?

The lawsuit was filed after a data incident took place where unauthorized parties accessed sensitive customer personal information. The settlement was reached to avoid further litigation and provide benefits to affected individuals.

Sources

1] [Official Settlement Website