August 9, 2022

Timios Data Breach Class Action Settlement 2022: More Details!

Have you heard of the Timios Data Breach Class Action Settlement ? Do you want to find out more about the Timios Data Breach Class Action Settlement? Continue reading for more details.

What is The Timios Data Breach Class Action Settlement

In 2021 , the Timios announced that the company detected unauthorized access to certain devices on its network between July 19-25, 2021, which resulted in the encryption of some of its data. Timios says they immediately launched a data breach investigation with the help of a cybersecurity firm.

In October 2021, Timios began to inform customers their sensitive information may have been compromised in July 2021 when a third party gained access to the company’s network, encrypted certain Timios systems and gained access to personal data. 

Information that was exposed in the Data Breach

The breach of data led to the release of multiple documents that have been linked to personal information such as names and address, residence address social security number, and various other documents that were submitted.

What is the Lawsuit All about

In October 2021, Timios began to inform customers their sensitive information may have been compromised in July 2021 when a third party gained access to the company’s network, encrypted certain Timios systems and gained access to personal data. Affected consumers quickly took legal action against Timios, arguing the company failed in preventing and handling the data breach. According to plaintiffs in the case, Timios could have prevented or mitigated the data breach through reasonable cyber security measures. Additionally, the data breach class action lawsuit challenges Timios’ response to the breach. Despite learning of the breach in July 2021, Timios allegedly failed to inform customers of the cyber attack until October 2021 — leaving their information unknowingly compromised for months.

How to know if you are in the settlement class

The settlement benefits individuals who received a mailed notice from Timios informing them the company was the target of a data breach between July 19, 2021, and July 25, 2021. The deal also includes a subclass of the same consumers from California..

Conclusion

In order to receive a payment from the Timios data breach settlement, class members must submit a valid claim form by Sept. 7, 2022.

California subclass members are eligible for an additional payment of $50 if they attest they were a resident of California between July 19 and July 25, 2021. These payments are subject to the $500 payment limit for ordinary expenses.

All class members may be eligible for higher payments if they experienced extraordinary expenses as a result of the data breach. Payments of up to $3,000 are available to class members who experienced documented and unreimbursed losses that can be linked to the Timios data breach.

The settlement also provides class members with 18 months of free identity theft protection. “Financial Shield” from Aura offers $1 million in identity theft insurance, dark web monitoring and other benefits. Consumers who opted to receive one year of free credit monitoring from Timios after the data breach notice will have 18 months added to that year long period.

The deadline for exclusion and objection is Aug. 8, 2022. 

The final approval hearing for the settlement is scheduled for Oct. 17, 2022.

click Here to read about other settlement cases.

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