DOLLAR DROP: Americans to get up to $4,400 from a software data breach settlement worth $1.5 million

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According to The SUN USA, CGM, a company that provides software-as-a-service solutions for wireless and broadband providers, recently agreed to a $1.5 million settlement following a data breach that occurred between December 15, 2022, and December 28, 2022. During this period, hackers may have accessed sensitive consumer information, including driver’s licenses, state IDs, and Social Security numbers, as reported on the settlement website.

Allegations Against CGM

Class members involved in the lawsuit claimed that CGM could have prevented the data compromise if the company had implemented reasonable cybersecurity measures. While CGM has not admitted to any wrongdoing, it agreed to the $1.5 million settlement to resolve the lawsuit.

Who is Eligible for Compensation?

The settlement class includes individuals who received a notification from CGM alerting them that their information might have been compromised during the December 2022 breach. Approximately 279,063 people were affected by the breach and are eligible for payment under the settlement terms.

Compensation Details for Class Members

Eligible individuals will soon receive varying cash payments based on the documentation provided. Those with documented expenses related to the data breach will receive the following compensation:

  • Up to $400 for ordinary losses
  • $20 per hour for up to four hours of lost time
  • Up to $4,000 for extraordinary losses

Accepted forms of documentation include receipts, invoices, account statements, credit reports, and insurance claims. Class members who did not provide proof of their losses will receive an alternative cash payment estimated at around $20. The actual payment amount will depend on how many people filed a valid claim.

Additional Benefits: Credit Monitoring and Identity Theft Protection

In addition to cash payments, class members will receive three years of credit monitoring and identity theft protection. This package includes three years of bureau monitoring and $1 million in identity theft insurance.

Important Dates and Final Settlement Approval

Class members must submit a claim form by August 26, 2024. The final approval hearing for the settlement also took place on this date. It’s common for payments to be distributed within four to six weeks after the final settlement hearing, although the timeline could be shorter or longer.

Other Potential Settlements

Americans may be eligible to receive compensation from other open settlements. For example, individuals can claim payments from a $3 million overtime pay settlement or a $14.95 million privacy settlement.

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