ALBUQUERQUE, N.M.–First Financial Credit Union agreed to pay $1.6 million to resolve claims it failed to prevent a 2022 data breach that compromised member information, according to a new report.
TopClassActions.com said the settlement benefits current and former First Financial Credit Union members who were notified their personal data may have been impacted by a data breach occurring Jan. 17, 2022-Feb. 6, 2022.
“Plaintiffs in the class action lawsuit claim First Financial Credit Union’s negligence allowed hackers to gain access to their sensitive personal information,” TopClassActions.com stated. “According to the class action lawsuit, First Financial could have prevented the data breach by implementing reasonable cybersecurity measures.”
TopClassActions.com said the $877.7-mmillion First Financial, which has more than 90,000 members, has not admitted any wrongdoing but agreed to a $1.6 million settlement to resolve the data breach class action lawsuit.
Terms of Settlement
Under the terms of the settlement, class members can receive two years of free credit monitoring and insurance services, the report said. “This benefit includes three-bureau credit monitoring, access to fraud resolution agents and up to $1 million in identity theft insurance,” it added.
TopClassActions.com said cash benefits are also available as part of the settlement. Class members can receive up to $150 for ordinary data breach expenses, such as bank fees, credit costs and other miscellaneous expenses. “Claimants may also claim up to four and a half hours of lost time compensated at a rate of $25 per hour,” the report states. “Class members who experienced extraordinary losses due to the data breach can receive larger payments of up to $5,000 for documented fraud or identity theft. Class members who do not wish to receive reimbursement or credit monitoring benefits can instead opt to receive a one-time cash payment. Payments will vary depending on the number of claims filed and the amount remaining in the settlement fund after reimbursement claims are paid.”
The final approval hearing for the settlement is scheduled for April 25.
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