$725K LA Financial Settlement Resolves Class Action Lawsuit Over June 2024 Data Breach

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LA Financial Federal Credit Union, which does business as LA Financial, has agreed to a $725,000 settlement to resolve a class action lawsuit that alleged the institution failed to protect the sensitive information of current and former customers from a June 2024 data breach.

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The $725,000 LA Financial class action settlement received preliminary approval from the court on April 7, 2026. The settlement covers all United States residents whose private information was compromised in the June 2024 data breach, including those who received notice of the incident.

Court documents state that approximately 34,866 people are covered by the class action settlement.

The court-approved website for the LA Financial data breach settlement can be found at LAFinancialSettlement.com.

LA Financial settlement class members who file a valid, timely claim form can receive up to $5,000 for documented losses fairly traceable to the data breach.

This benefit covers losses caused by fraud or identity theft, expenses for credit monitoring and credit reports incurred between June 10, 2024 and August 5, 2026, and more.

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

In lieu of a documented-loss payment, class members can instead file a claim form to receive an approximately $50 cash payment, with no proof required. The final amount of this cash payout may increase or decrease, depending on the total number of valid claims filed.

Class members who are California residents at any time between June 10, 2024 and August 5, 2026 can also claim a roughly $100 cash payment in addition to a documented-loss or alternative cash payout. The final value of this payment will depend on the total number of valid claims filed, and proof of residency must be submitted to receive a California cash payment.

Finally, in addition to monetary benefits, all class members can file a claim to receive two years of one-bureau credit monitoring services.

To file an LA Financial settlement claim form online, class members can head to this page and log in using the unique ID and PIN found on their copy of the settlement notice. Alternatively, class members can download a PDF of the claim form to print, fill out and return by mail to the settlement administrator.

All LA Financial settlement claim forms must be submitted online or by mail by August 5, 2026.

The court will determine whether to grant final approval to the LA Financial data breach settlement following a hearing on July 20, 2026. Compensation will begin to be distributed to class members only after final approval is granted and any appeals are resolved.

The LA Financial Credit Union class action lawsuit alleged that the Los Angeles-based financial service provider failed to implement proper cybersecurity measures to protect the sensitive information of current and former customers, which allegedly led to a data breach on or around June 10, 2024.

Per court documents, private information that may have been exposed during the breach included names, dates of birth, Social Security numbers, driver’s license and passport numbers, state identification numbers, financial account information, card numbers, routing numbers, taxpayer identification numbers, health insurance information and biometric data.

Did you know that some class action settlements require no proof to submit a claim? Check out the latest class action settlements.