Financial Giant Handing up to $5,000 per Person in Data Breach Settlement After Names, Social Security Numbers and More Exposed

4 1 minute read

Financial Giant Handing up to ,000 per Person in Data Breach Settlement After Names, Social Security Numbers and More Exposed — giant per victim.jpg

Prudential Financial, a global financial giant, has reached a settlement agreement to compensate individuals impacted by a significant data breach that occurred in February 2024. The company has set up a Settlement Fund of $4.75 million to provide relief to those affected by the cybersecurity attack.

The class action lawsuit against Prudential alleges that hackers were able to breach the company’s systems and access sensitive personal information of customers. This information included names, dates of birth, account numbers, Social Security numbers, driver’s license numbers, addresses, phone numbers, and email addresses.

As part of the settlement agreement, Prudential will offer up to $5,000 in compensation to individuals who can demonstrate out-of-pocket losses incurred between February 4th, 2024, and October 3rd, 2025. These losses could include expenses for credit reports, credit monitoring, freezing and unfreezing credit, replacing IDs, as well as costs related to identity theft, fraud, or misuse of personal information.

Claimants have until October 3rd to file their claims for compensation. The Settlement Fund will also cover court-approved attorneys’ fees, costs of administering the settlement, and service awards for the plaintiffs and class representatives.

Prudential Financial, a leading American financial services company with $1.5 trillion in assets under management, has taken steps to address the fallout from the data breach and provide restitution to those affected.

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Financial Giant Handing up to $5,000 per Person in Data Breach Settlement After Names, Social Security Numbers and More Exposed

0 2 minutes read

Prudential Financial, a leading global financial giant, has recently reached a settlement to compensate individuals affected by a significant data breach that occurred in February 2024. The company has agreed to provide up to $5,000 to those impacted by the cybersecurity attack.

The class action lawsuit stems from allegations that hackers were able to breach Prudential’s systems in February 2024, gaining access to sensitive personal information of customers. This information included names, dates of birth, account numbers, Social Security numbers, driver’s license numbers, addresses, phone numbers, and email addresses.

As part of the settlement agreement, Prudential will establish a Settlement Fund of $4.75 million. This fund will cover court-approved attorneys’ fees and costs, service awards for plaintiffs, and the administration costs of the settlement. The remaining funds will be utilized to provide benefits to those affected by the breach.

Individuals impacted by the breach have the option to claim benefits such as documented out-of-pocket losses, Social Security number/tax identification number impact payments, CCPA Payments (specifically for California residents), or a pro rata cash payment. Claimants may be eligible to receive up to $5,000 for out-of-pocket losses incurred between February 4th, 2024, and October 3rd, 2025. These losses could include expenses related to credit reports, credit monitoring, identity theft protection, and other costs resulting from the misuse of personal information.

All claims must be filed by October 3rd to be considered for compensation. The class action attorneys are requesting $1.59 million in fees from the Settlement Fund, along with a $2,000 service award for each class representative.

Prudential Financial, known for its insurance, retirement planning, and investment management services, manages assets totaling $1.5 trillion. The company’s commitment to compensating those affected by the data breach underscores its dedication to protecting customer data and upholding cybersecurity standards.

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Remember, your financial security is paramount. Take necessary precautions to safeguard your personal information and stay vigilant against potential cyber threats.

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