Gershman Investment Corp. Settlement: A Detailed Analysis

Gershman Investment Corp. has reached a settlement in a class action lawsuit, Rebecca Richardson, et al. v. Gershman Investment Corp. The lawsuit revolves around a Data Incident that occurred in September 2021, where unauthorized access to Gershman's systems may have compromised certain files containing personally identifiable information (PII) about individuals provided to Gershman.

Detailed Analysis of the Settlement

The settlement aims to resolve the claims against Gershman Investment Corp. arising from the Data Incident. It offers various benefits to the Settlement Class Members, including reimbursements for out-of-pocket expenses and fees, lost time, and extraordinary losses, as well as credit monitoring services and identity theft protection services.

The settlement was reached after careful consideration of the risks and costs of further litigation and the benefits of the settlement to the Settlement Class Members. It is not an admission of wrongdoing or an indication of any law violation by Gershman.

Important Dates

• Fairness Hearing: November 2, 2023 at 11:00 AM CDT
• Deadline to File a Claim: November 2, 2023
  

Who are the Settlement Class Members?

The Settlement Class Members are individuals who were identified by Gershman as being impacted by the Data Incident and received a notice of the incident. These individuals had their PII potentially compromised during the Data Incident.

What are the Awards Settlement Class Members Can Claim?

The settlement provides various benefits to the Settlement Class Members. Firstly, they can receive reimbursement for documented out-of-pocket expenses and fees for credit reports, credit monitoring, or other identity theft insurance products, up to a maximum of $350.

Additionally, they can be reimbursed for up to four hours of lost time spent dealing with the Data Incident, at a rate of $20 per hour. Furthermore, Settlement Class Members can claim reimbursement for documented extraordinary losses, not exceeding $5,000 per member, for proven actual out-of-pocket monetary losses.

In addition to these reimbursements, Settlement Class Members are eligible to receive three years of single-bureau credit monitoring services with $1,000,000 in identity theft protection services.

Is Proof Required to Claim the Reward?

Yes, proof is required to claim the rewards. Class Members should have received a Notice ID and Confirmation Code via regular mail. When completing the online claim form, you must enter your notice ID and code.

Why is there a Class Action Settlement?

The class action settlement is a result of a lawsuit against Gershman Investment Corp. regarding a Data Incident that occurred in September 2021. The settlement aims to compensate the affected individuals and resolve the claims against Gershman.

The next steps for Settlement Class Members include filing a claim by the deadline, November 2, 2023, to receive the benefits from the settlement. Those who wish to exclude themselves from the settlement or object to it have until October 3, 2023, to do so.