Farmers Investment Co Data Breach Settlement

All individuals who were sent a notification by Farmers regarding the May 2022 data security incident.

To receive payment for documented ordinary or extraordinary losses, settlement class members must submit the required supporting documentation along with their claim form. Failure to provide this documentation will result in the denial of claims for documented losses.

A class action lawsuit was filed against Farmers Investment Co. following a data breach in May 2022, which allegedly exposed the personal identifiable information (PII) of affected individuals. Plaintiffs claim that Farmers failed to implement reasonable security measures to protect the PII. Farmers denies any wrongdoing but agreed to settle the lawsuit to avoid further litigation costs and distractions.

Under the terms of the settlement, eligible class members can receive the following benefits:

1. Expense Reimbursement:

   • Ordinary Loss Expenses: Reimbursement for documented out-of-pocket expenses incurred as a result of the data incident, up to $400 per individual. This includes bank fees, phone charges, credit monitoring fees, and other expenses.
   • Lost Time: Compensation for up to 3 hours of time spent dealing with the data incident at a rate of $15 per hour (subject to a $400 cap when combined with other out-of-pocket expenses).
   • Extraordinary Losses: Reimbursement for documented extraordinary monetary losses up to $4,000 per individual, provided the loss is directly tied to the data incident and occurred between May 31, 2022, and seven days after the court-approved settlement notice.

2. Credit Monitoring Services:

   • All settlement class members are eligible for 2 years of free credit monitoring services with $1,000,000 in identity theft protection upon submitting a valid claim form. No additional documentation is required to receive credit monitoring.

3. Remedial Relief:

   • Farmers has implemented enhanced data security measures to protect the PII of class members and will continue to maintain these security measures.