BANK users could be eligible for thousands of dollars in damages after an alleged data breach.
But those who can claim the money have only a few days left to take action or else they will lose it.
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This comes after Forward Bank agreed to pay a $1.185 million settlement after the company was accused of failing to prevent a data breach.
On or around September 6, 2023, a number of customers had their sensitive information compromised.
This information included Social Security numbers and account information.
Those whose data was at risk due to the breach have been alerted through a data breach notification from Forward Bank.
The settlement comes after a lawsuit filed in Wisconsin accused the bank of failing to prevent a data breach through its cybersecurity measures.
In agreeing to pay in exchange for a class action settlement, Forward Bank did not admit any wrongdoing.
Those who qualify for damages can receive up to $5,000 plus compensation for loss of time.
Payments will start at approximately $75 for those who do not have any documented losses as a result of the breach.
The exact amount will be determined once all claims have been submitted.
Those who can document their losses or expenses such as fraud-related loss, credit expenses, and identity theft damages can receive larger amounts of up to $5,000.
Missed time will be billed at a rate of $20 per hour for a maximum of five hours.
Those who want to claim those losses of more than $75 will have to prove the expenses through statements, invoices, receipts and other proof of loss.
However, action must be taken quickly if bank users want to get their money back.
A key deadline has already passed regarding the settlement, and this impacts the legal rights of class members.
What is a class action settlement?
Class action lawsuits provide groups of people, or “classes,” a way to band together in court.
These lawsuits are often brought by one or a few people who allege that a company or other entity has wronged a large group of people.
When a lawsuit becomes a class action, it extends to all “class members,” or people who may have complaints similar to those who filed the lawsuit.
Companies often settle class actions—offering payment to class members who typically waive their right to pursue further legal action by accepting money.
These payment agreements often include statements from the defendant denying any wrongdoing. Companies tend to settle class actions to avoid the costs of further lawsuits.
Pollution, discrimination, or false advertising are some examples of what could land a class action lawsuit on a company's doorstep.
On November 24, 2024, all eligible claimants must have objected to the settlement or excluded themselves from it if they wish.
Exclusion means that you will not receive any money in this payment but you will be able to retain your legal right to take further action against Forward Bank in relation to the same data breach.
Eligible Class Members who fail to do so and who miss the deadline to apply for damages will not receive any money and will not be able to take future legal action against the Company in connection with the violation.
All claim forms must be completed and submitted by January 8, 2025.
The final approval hearing for the settlement is scheduled to be held on January 21.
Payments will be made quickly to successful applicants after this date.
Meanwhile, people have just hours left to claim money from the more than $150 million canned tuna settlement.
