Forward Bank has agreed to pay $1.185 million to settle a class action lawsuit regarding a 2023 data breach that compromised sensitive customer information. This settlement will provide compensation to those whose personal data may have been exposed in the breach. If you received a data breach notification from Forward Bank in September 2023, you may be eligible to claim up to $5,000 for related losses.
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What Happened in the Forward Bank Data Breach?
In November 2023, Forward Bank, a Wisconsin-based financial institution, announced that it had suffered a data breach which compromised sensitive consumer information. This breach potentially exposed Social Security numbers, financial account details, and other private data of its customers.
A class action lawsuit was filed against Forward Bank, claiming that the bank failed to implement reasonable cybersecurity measures to prevent the breach. While Forward Bank has not admitted to any wrongdoing, they agreed to settle the lawsuit for $1.185 million to resolve the allegations.
Who Is Eligible for Compensation?
If you were notified by Forward Bank that your information may have been compromised in the September 2023 data breach, you are likely eligible for compensation under the settlement.
There are two main categories of compensation:
- Out-of-Pocket Losses: If you can document any expenses resulting from the data breach, including identity theft, fraud-related losses, credit monitoring, bank fees, or even lost time, you can claim up to $5,000 for these damages.
- Pro Rata Cash Payment: If you did not incur documented out-of-pocket expenses, you may still receive a pro rata payment, which is estimated to be around $75 but may vary depending on the number of claims submitted.
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What Can You Claim?
To receive compensation, you must provide evidence of your out-of-pocket expenses, such as:
- Account statements
- Receipts or invoices for any fraud-related costs
- Credit reports
- Travel receipts or IRS letters showing any data breach-related losses
For lost time, claimants can be reimbursed for up to five hours at a rate of $20 per hour, which could cover time spent dealing with the fallout from the breach.
How to File a Claim
To be eligible for compensation, you must submit a valid claim form by January 8, 2025. Do not submit a claim unless you meet the eligibility requirements. The form is available on the official settlement website: ForwardBankDataSettlement.com.
Make sure to file your claim under penalty of perjury, meaning that any false claims may harm other eligible class members. If you are unsure whether you qualify, you can check the FAQ section on the settlement website.
Important Dates to Remember
- Claim Form Deadline: January 8, 2025
- Final Approval Hearing: January 21, 2025
- Exclusion and Objection Deadline: November 24, 2024
Next Steps: How to Get Your Share
If you were impacted by Forward Bank’s 2023 data breach, now is the time to act. Fill out the claim form on the settlement website by January 8, 2025 to receive compensation for your losses.
To learn more and file your claim, visit ForwardBankDataSettlement.com.
Class Action Case Details
- Case Name: Broeske, et al. v. Forward Bank, Case No. 2024CV000006
- Court: Wisconsin Circuit Court for Wood County
- Claims Administrator: Forward Bank Data Settlement
- Contact: 833-285-3396 or [email protected]
By filing your claim, you help hold companies accountable for their handling of sensitive customer information and ensure that you receive fair compensation for the breach.
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