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Current and former employees whose private information the March 2023 Academy Mortgage Corp data incident impacted and who received a notice about the incident may be eligible to claim a cash payment and credit monitoring from a class action settlement.
Academy Mortgage agreed to pay $1.99 million to settle a class action lawsuit alleging negligence, breach of implied contract, invasion of privacy and violations of several state consumer protection laws. The lawsuit claims the March 2023 data breach potentially exposed sensitive personal information, including names, Social Security numbers, dates of birth and financial account details.
Who can file a claim?
The settlement class includes all residents of the United States whom Academy Mortgage notified that the March 2023 data incident may have impacted their personal information.
How much is the Academy Mortgage Corp. payout?
Class members who submit valid claims can receive any or all of the following benefits:
- Reimbursement for documented losses: Class members can claim up to $3,000 for documented, unreimbursed losses related to the data incident or efforts to mitigate its effects. Eligible expenses include unreimbursed costs for credit monitoring services purchased between March 21, 2023, and Jan. 27, 2027, losses from actual fraud or identity theft, unreimbursed banking fees, long-distance phone charges, postage and local travel expenses.
- Pro rata cash payment: This one-time payment is available to all class members who submit a valid claim. California residents who provide a sworn attestation of residency will receive double the standard pro rata cash payment.
- Credit monitoring: All class members can claim three years of credit monitoring services, including single-bureau credit monitoring, dark web monitoring, identity theft insurance up to $1,000,000 and identity recovery services
The settlement administrator will pay the cost of valid credit monitoring claims first. It will then pay claims for documented losses. If the total amount claimed for credit monitoring and documented losses exceeds the net settlement fund, the settlement administrator will reduce the payments for documented losses proportionally and will not issue any pro rata cash payments.
How to claim an award
To claim an award, class members must submit an online claim form or print and complete the PDF claim form and mail it to the settlement administrator.
Settlement administrator's mailing address: Stern, et al. v. Academy Mortgage Corp., c/o Kroll Settlement Administration LLC, P.O. Box 225391, New York, NY 10150-5391
The deadline to submit a claim is Jan. 27, 2027.
Required proof and documentation
- Reimbursement for documented losses: Class members must submit documentation, such as receipts, bills or correspondence, to show the loss is related to the data incident
- Pro rata cash payment: Class members do not need to submit documentation, but California residents must provide a sworn attestation of residency.
- Credit monitoring: Class members do not need to provide documentation beyond the claim form.
- Online claim form: Class members using the online claim form must provide the class member ID they received in their settlement notice.
Payout options
- Class members who file by mail will receive payment by check.
- Class members who file online can elect to receive payment via electronic transfer.
$1.99 million settlement fund breakdown
The $1,990,000 settlement fund includes:
- Settlement administration costs: Amount not specified
- Attorneys’ fees: Up to $665,000
- Attorneys’ expenses: Up to $50,000
- Service awards to class representatives: Up to $2,500 each ($15,000 total)
- Payments to eligible class members: Remaining settlement funds
Important dates
- Deadline to opt-out: Dec. 28, 2026
- Deadline to file a claim: Jan. 27, 2027
- Final fairness hearing: March 31, 2027
When is the Academy Mortgage Corp. settlement payout date?
The settlement administrator will distribute payments and benefits to eligible class members after the court resolves any appeals and grants final approval of the settlement.
Why did this class action settlement happen?
Academy Mortgage Corp. discovered unauthorized access to its computer systems in March 2023. The plaintiffs alleged negligence, breach of implied contract, invasion of privacy and violations of several state consumer protection laws.
Academy Mortgage Corp. denied all allegations but agreed to settle to avoid the costs and risks associated with ongoing litigation.
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