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Individuals whose private information the Cuso Financial Services LP data breach that occurred between Dec. 19, 2023, and Jan. 19, 2024, may have compromised and who received notice of the cyberattack may be eligible to claim a cash payment from a class action settlement.
Cuso Financial Services agreed to pay $1.75 million to settle a class action lawsuit alleging negligence and related claims stemming from a cybersecurity incident involving a third-party service provider. LPL Financial acquired Cuso Financial Services in 2025.
Who can file a claim?
Class members are individuals residing in the United States who personal data the Cuso Financial Services cyber security incident impacted, including those who received notice of the incident.
The settlement class is divided into two groups:
- Nationwide class: All individuals in the United States whose data Cuso's systems stored and whom the cybersecurity incident impacted
- California subclass: All members of the nationwide class who were California residents at the time of the incident
How much are settlement payments?
Class members have the following benefit options:
- Reimbursement for documented losses: Class members can claim up to $5,000 for reasonable, documented out-of-pocket losses that are fairly traceable to the cybersecurity incident. Eligible expenses include unreimbursed costs incurred on or after Dec. 19, 2023, such as costs for additional credit monitoring or identity theft protection and accessing or freezing/unfreezing credit reports, or miscellaneous expenses related to these losses, such as notary, fax, postage, copying, mileage and long-distance telephone charges.
- Credit monitoring services: All class members who submit a valid claim can receive two years of three-bureau credit monitoring, including identity theft protection, dark web monitoring and up to $1 million in reimbursement insurance.
- California statutory cash payment: California residents may claim a statutory payment of up to $100.
- Residual cash payment: All class members with an approved claim may receive a cash payment of up to $599, depending on the number of approved claims and the funds remaining after other payments. The settlement administrator will determine the actual amount on a pro rata basis.
How to claim a settlement payout
To receive a settlement payment, class members can submit an online claim form or download, print and complete the PDF claim form and mail it to the settlement administrator.
Settlement administrator's mailing address: Cuso Cybersecurity Incident Settlement, c/o Claims Administrator, P.O. Box 2010, Chanhassen, MN 55317-2010
The claim deadline is Nov. 16, 2026.
Required proof and documentation
- To submit a documented losses claim, class members must provide supporting documentation, which may include receipts, bills or other proof of expenses.
- To claim a California statutory payment, class members must provide proof of California residency as of Dec. 19, 2023, such as a utility bill, tax document or pay stub from December 2023 showing their name and California address.
- To claim a residual cash payment or credit monitoring, class members need only submit the claim form.
- All class members must provide the claim number and PIN from the settlement notice they received.
Payout options
The settlement does not sepecify payment options.
$1.75 million settlement fund breakdown
The $1,750,000 settlement fund includes:
- Settlement administration costs: Amount not specified
- Attorneys' fees: Up to $583,333
- Attorneys' costs and expenses: Up to $20,000
- Service award to class representative: Up to $5,000
- Credit monitoring: Cost determined by number of claims filed
- Payments to eligible class members: Remainder of the settlement fund
Important dates
- Deadline to opt out: Oct. 1, 2026
- Deadline to file a claim: Nov. 16, 2026
- Final approval hearing: Feb. 18, 2027
When is the Cuso Financial Services settlement payout date?
The settlement administrator will issue payments to eligible class members once the court resolves any appeals and grants final approval of the settlement.
Why is there a class action settlement?
The lawsuit alleged Cuso Financial Services was negligent in connection with a cybersecurity incident involving a third-party service provider. The incident resulted in unauthorized access to personal information between Dec. 19, 2023, and Jan. 19, 2024.
Cuso denied any wrongdoing but agreed to settle to avoid the costs and uncertainties of further litigation.
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