Capital One has agreed to resolve claims that it exposed customer information in a 2019 data breach. The $190 million customer data security litigation settlement will benefit around 98 million Capital One customers whose information was jeopardized in the 2019 data breach.
Settlement Website: CapitalOneSettlement.com
Objection Deadline: 07/07/2022
Exclusion Deadline: 07/07/2022
Claim Form: https://www.capitalonesettlement.com/en/Home/SubmitClaim
Deadline For Submitting Claim Form: 08/22/2022
Final Hearing Date: 08/19/2022
Settlement Amount: $190 million
Potential Claim Amount: Up to $25,000
Proof Of Purchase: Class members can submit receipts, bank statements, voided checks, or other documents which reveal their losses and/or a detailed narrative description.
Capital One is a provider of different types of financial services. In July 2019, the company informed its customers that the information of millions of them were jeopardized when their bank systems were accessed by a third party. Though the perpetrator has been captured by the FBI (Federal Bureau of Investigation), sensitive credentials like name, phone numbers, birth dates, addresses, contact details, credit scores, payment history, credit balances, and even Social Security numbers were compromised for a total of 23 days during 2016, 2017 and 2018. Around 80000 linked bank account numbers and 120000 Social security numbers were accessed by attackers due to this data breach.
Customers who were impacted by the data breach were swift to take legal action against Capital One by arguing that the bank violated its obligations of protecting customer information. The plaintiffs argue that their information could have been protected if adequate cybersecurity measures were taken by Capital One in the first place. However, failure on their part directly put customers at risk of fraud and identity theft. Capital One has agreed to pay $190 million for resolving the claims though it hasn’t admitted any wrongdoing.
Class members are eligible for a cash payment for lost time and out-of-pocket expenses. According to the terms of the settlement, class members with get reimbursement up to $25000 for out-of-pocket expenses incurred concerning the data breach. This constitutes money spent on preventing fraud or identity theft, professional fees, unreimbursed fraud charges, miscellaneous expenses, and up to 15 hours of lost time at an hourly rate of a minimum of $25. However, class members are required to provide detailed documentation for being eligible to receive these payments.
Three years of identity defense services will be offered under the settlement agreement through Pango. These services comprise identity monitoring, dark web monitoring, security freeze capabilities, lost wallet protection, insurance worth $1 million, and other benefits. Free restoration services will be provided by the settlement through Pando for offering support to class members if they ever fall prey to identity theft or fraud. Apart from the benefits mentioned above, Capital One has also promised extensive cyber security practices for a minimum of two years for protecting customer data in a better way. Class members are sent a notice of the Settlement containing their Unique ID and PIN required to file the Claim Form.