In early January, loanDepot posted a message on its site about a cyberattack that resulted in it taking its systems offline. In February, BlackCat threat actors claimed responsibility for the attack while loanDepot began notifying almost 17 million customers. Now National Mortgage News reports that a settlement is pending approval by a federal court judge:
The agreement, according to court filings, was reached in June and before potentially costly motions for summary judgement and dismissal were filed. Loandepot denies any wrongdoing in the settlement.
“While plaintiffs are confident in the merits of the case, plaintiffs understand Loandepot lacks insurance and assets to satisfy a judgment in excess of the settlement fund amount without risking insolvency,” wrote attorneys for plaintiffs.
The parties suggest the total settlement benefit for the 16,924,007 affected persons could exceed $86 million. A spokesperson for the lender Thursday declined to comment beyond the filing, while attorneys for plaintiffs didn’t return requests for comment.
Read more about how the awards would break down on National Mortgage News.
