Radius Financial Group, Inc. $375,000 Settlement

In a significant development, a class action lawsuit against Radius Financial Group, Inc. has reached a settlement. The lawsuit, Guarino v. Radius Financial Group, Inc., centers around a Cybersecurity Incident discovered in July 2021. The plaintiffs allege that Radius Financial Group, Inc. was responsible for the incident, leading to the potential compromise of personally identifiable information (PII) of their current and/or former clients.

A Closer Look at the Settlement

The proposed settlement provides monetary compensation and identity theft protection services to the affected individuals. The compensation includes payments for ordinary unreimbursed losses, such as out-of-pocket expenses and lost time, as well as stolen funds. The settlement amount for ordinary losses is up to $325.00, while the total compensation available for stolen funds is $2,500.

Key Dates to Remember

There are several important dates to keep in mind regarding this settlement. The deadline to file a claim is December 7, 2023. This is the last date on which class members can submit their Claim Form to be eligible for compensation. The final approval of the settlement is subject to a court hearing scheduled for January 10, 2024. After the court grants final approval and any appeals are resolved, payments will be made to eligible class members.

Who Are the Class Members?

The class members in this case are individuals who received a notice of the Cybersecurity Incident from Radius Financial Group, Inc. They are the ones who are eligible to claim compensation under the settlement.

However, there are certain exclusions to the Settlement Class. These include Defendant's officers and directors, entities in which Defendant has a controlling interest, affiliates, legal representatives, attorneys, successors, heirs, assigns of Defendant, and attorneys and other legal representatives affiliated with or employed by Class Counsel. Members of the judiciary assigned to the case, their families, and staff members are also excluded.

What Can Class Members Claim?

Under the settlement, class members can claim compensation for ordinary losses and stolen funds. Ordinary losses include out-of-pocket expenses and lost time resulting from the Cybersecurity Incident. The compensation for these losses is up to $325.00. For stolen funds, the total compensation available is $2,500, subject to certain conditions.

In addition to monetary compensation, Settlement Class Members who claim the benefit will receive a two-year membership of identity theft protection services. This service is designed to safeguard their personal information and help prevent future incidents of identity theft.

Is Proof Required to Claim the Reward?

Yes, proof is required to claim an award under the settlement. Claimants will need to provide information and documentation on the Claim Form to support their claim for compensation. The Claims Administrator will review the claims and may request additional information if needed.

Why Is There a Settlement?

The settlement is a result of a class action lawsuit against Radius Financial Group, Inc. The lawsuit alleges that the company was responsible for a Cybersecurity Incident that potentially compromised the personal information of its current and/or former clients. The settlement aims to compensate those affected by the incident and provide them with identity theft protection services.

The next step for claimants is to submit a Claim Form by the deadline of December 7, 2023. The form can be submitted electronically or by mail to the Claims Administrator.