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Individuals who received a notice that their personal information may have been compromised in the October 2021 data breach involving Bayview Asset Management, Lakeview Loan Servicing, Pingora Loan Servicing, or Community Loan Servicing, you may be eligible to claim compensation from a class action settlement.
Lakeview Loan Servicing LLC, along with Bayview Asset Management LLC, Pingora Loan Servicing LLC, and Community Loan Servicing LLC, has agreed to pay $26 million to resolve a class action lawsuit. The plaintiffs claimed that these companies failed to adequately safeguard customer data, resulting in unauthorized access to files containing personal information.
The cybersecurity incident compromised PII belonging to as many as 5.8 million current and former customers.
Who are the class members?
Class members include:
- Any person residing in the United States who received a notice from Bayview Asset Management, Lakeview Loan Servicing, Pingora Loan Servicing, or Community Loan Servicing stating that their personally identifiable information (PII) was potentially accessed during the October 11, 2021, data breach.
- Class members who resided in California on October 11, 2021, is considered part of the California settlement class, and may be eligible for additional benefits.
How much will settlement payments be?
Class members have the following benefit options:
- Out-of-pocket loss reimbursement: Class members can claim up to $5,000 for documented, unreimbursed out-of-pocket expenses related to the data breach. Eligible expenses include monetary losses resulting from identity theft or fraud, charges for freezing or unfreezing credit reports, notary or postage fees and credit monitoring purchased after Oct. 11, 2021.
- Out-of-pocket claims are capped at $5,000,000 and will be reduced pro rata if needed.
- Pro rata cash payment: Class members can submit to receive a pro rata cash payment from the remaining settlement funds after other costs are paid. Final payment amount will be determined by the total number of claims filed.
- California pro rata cash payment: California residents who were living in California at the time of the Oct. 11, 2021 can submit to receive two shares of the pro rata cash payment. Final payment amount will be determined by the total number of claims filed.
- Credit monitoring: All class members may elect to receive one year of free CyEx’s Financial Shield Total credit monitoring services.
Pro rata cash payment example
If the remaining settlement fund available for pro rata payments is $10 million and there are 100,000 valid claimants, including 10,000 California residents:
- Total shares = 90,000 non-CA claimants x 1 + 10,000 CA claimants x 2 = 110,000 shares
- Each share = $10,000,000 / 110,000 = $90.91
- Non-California class member payment: $90.91
- California class member payment: $181.82
How to claim a class action rebate
To receive a settlement payment, class members can file a claim online or print the PDF claim form to complete and mail to the settlement administrator.
Settlement administrator's mailing address: Lakeview Data Breach Settlement c/o Kroll Settlement Administration LLC P.O. Box 5324 New York, NY 10150-5324
Claims must be submitted online or postmarked by June 22, 2026.
Required proof and claim information
- Class Member ID from settlement notice required to submit a claim.
- Out-of-pocket loss claims require supporting documentation, which may include receipts, invoices, bank or credit card statements showing fees or fraudulent charges, police report or other proof of identity theft or fraud.
Payout options
- Electronic payment
- Paper check mailed to the address provided
$26 million Lakeview Loan Servicing settlement fund
The $26,000,000 settlement fund will include:
- Settlement administration costs: To be determined
- Attorneys' fees: Up to $8,666,666.67
- Attorneys' expenses: To be presented to the court for approval at a later date
- Service awards to class representatives: $7,500 each for 22 class representatives, a total $165,000
- Credit monitoring: Cost determined by number of claims filed
- Out-of-pocket losses claims: Up to $5,000,000
- Pro rata cash payments: Remaining settlement funds
Important dates
- Deadline to file a claim: June 22, 2026
- Deadline to opt out: June 11, 2026
- Final Fairness Hearing: July 2, 2026
When is the Lakeview Loan Servicing data breach payout date?
Payments will be issued to approved class members approximately 75 days after the court grants final approval of the settlement.
Why did this class action settlement happen?
The class action lawsuit alleged that Bayview Asset Management, Lakeview Loan Servicing, Pingora Loan Servicing, and Community Loan Servicing failed to properly protect customer data, resulting in unauthorized access to files containing personal information.
The defendants deny the allegations but agreed to settle to avoid the expense and uncertainty of continued litigation and a possible trial.
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