Bayview Asset Management and three affiliates have agreed to a settlement with plaintiffs over a data breach lawsuit for a hack that affected 5.8 million people in 2021.
The sides agreed to basic terms of a class action settlement, subject to court approval and the final dismissing of the case, according to a court document filed Thursday. They plan to file a written, formal agreement within 45 days.
The parties also asked for all current deadlines related to pending motions to be paused.
The settlement agreement signals the beginning of the end for the three-and-a-half-year legal battle.
Customers affected by the breach began filing lawsuits against the company and its servicing subsidiaries, Community Loan Servicing, Lakeview Loan Servicing and Pingora Loan Servicing, in March 2022 after Lakeview said in public notices the breach impacted
"This (personal identifiable information) was compromised due to defendant's negligent, careless and intentional acts and omissions and the failure to protect the PII of plaintiff and class members," wrote Daniel Rosenthal, an attorney with DBR Law, P.A., at the time in a complaint on behalf of an affected California customer.
Dozens of plaintiffs wanted to enforce multiple cybersecurity measures at the firm and collect damages, but a judge
California, Maryland, North Carolina and Washington state entities then led a group of more than 50 regulators in an action imposing a
The servicing entities also agreed to ensure their cybersecurity efforts comply with federal and New York State Department of Financial Services standards.
Bayview has since
