$1.25M On Q Financial Settlement Wraps Up Lawsuit Over 2024 Data Breach

New to ClassAction.org? Read our Newswire Disclaimer

On Q Financial has agreed to a $1.25 million settlement to wrap up a class action lawsuit that alleged the mortgage lender failed to safeguard private information from a February 2024 data breach.

Don’t miss the next class action settlement deadline. Sign up for ClassAction.org’s free weekly newsletter.

The On Q Financial class action settlement received preliminary approval from the court on June 23, 2026. Eligible to participate in the settlement are all individuals whose private information may have been compromised in the On Q data breach on or around February 20, 2024.

Court documents state that 211,650 people are covered by the data breach settlement.

The court-approved website for the On Q Financial class action settlement can be found at OnQSettlement.com.

On Q settlement class members who file a timely, valid claim form can receive up to $5,000 for documented out-of-pocket losses incurred because of the data breach, as well as for time spent dealing with the breach. This benefit covers costs for credit reports and credit monitoring purchased between February 20, 2024 and October 28, 2026, losses from identity theft or fraud, long-distance phone charges, cell phone minutes, internet usage charges, and more.

Class members must submit proof, such as bank statements or receipts, to receive a documented-loss payment.

In addition, all class members can submit a claim form to receive an estimated $50 cash payment, with no proof required.

The final amount of each class member’s cash payment may be increased or decreased on a pro rata basis, depending on the total number of valid claims filed, among other factors.

Lastly, all class members can elect on their claim form to receive one year of one-bureau credit monitoring, which includes identity theft/fraud monitoring and identity theft insurance.

To submit an On Q Financial settlement claim form online, class members can head to this page and enter the class member ID found on their copy of the settlement notice. Alternatively, class members can download a PDF claim form to print, complete and return by mail to the settlement administrator.

All On Q Financial settlement claim forms must be submitted online or postmarked by October 28, 2026.

The court will determine whether to grant final approval to the On Q Financial settlement following a hearing on November 16, 2026. Compensation will begin to be distributed to class members only after final approval has been granted and any appeals have been resolved.

The On Q Financial class action lawsuit alleged that the Arizona-based mortgage company failed to implement reasonable cybersecurity measures to protect sensitive information from a data breach on or around February 20, 2024.

Per court documents, private information that may have been compromised in the cyber incident included names and Social Security numbers.

Check out ClassAction.org’s free legal resources to learn how to file a class action lawsuit.