What Happened
LoanDepot is a large non-bank mortgage lender based in California. Between January 3 and January 5, 2024, an unauthorized third party gained access to the company internal systems, in what the company later described as a cybersecurity incident, compromising highly sensitive information belonging to approximately 16.9 million people, including names, addresses, email addresses, financial account numbers, Social Security numbers, phone numbers, and dates of birth.
A class action followed, alleging LoanDepot failed to implement adequate cybersecurity measures and properly train its employees, and that this negligence allowed the breach to occur. LoanDepot did not admit wrongdoing but agreed to settle the case.
The Settlement Terms
LoanDepot agreed to a settlement including a 25 million dollar cash fund for consumer payments, along with additional commitments to improve its data management, identity protection, cloud security, and threat detection capabilities, which some reporting valued at over 42 million dollars in total settlement value when those non-monetary commitments are included alongside the cash fund.
Eligible class members, including a specific California subclass of roughly 2.4 million people given the state additional privacy protections, could submit claims for benefits including two years of financial monitoring and identity theft insurance valued at 12.95 dollars per month, along with reimbursement for documented out-of-pocket losses tied to the breach, up to a stated cap per claimant.
The Settlement Is Now Final
The court granted preliminary approval in January 2025, and the claim filing deadline was May 27, 2025. A final approval hearing took place on August 18, 2025, and the court granted final approval on August 25, 2025. According to reporting on the final approval, roughly 250 people elected to opt out of the settlement rather than participate.
Because the claim deadline has passed and the settlement is final, this specific claims process is now closed to new submissions. Anyone who filed a valid claim before the deadline should expect payment processing to proceed following final approval, subject to the resolution of any appeals.
How to Get Legal Help
The claim deadline for this settlement was May 27, 2025, and has passed, so no new claims can be filed. If you already submitted a valid claim, payments began processing after the August 2025 final approval, subject to any appeals, so contact the settlement administrator if you have not received your payment and believe you should have.
To follow any further developments, bookmark this page and subscribe to LawsuitWatch alerts.
Free Legal Evaluation
Do You Qualify to File a Claim?
Our network of verified plaintiff attorneys offers free, no-obligation case evaluations. Contingency fee representation means you pay nothing unless you win.
LoanDepot Class Action: The Data Breach Settlement, Now Final: Frequently Asked Questions
Answers to the most common questions about this case and your legal options.
What was the LoanDepot data breach about?
An unauthorized third party accessed LoanDepot internal systems between January 3 and January 5, 2024, compromising sensitive information for approximately 16.9 million people, including Social Security numbers and financial account details.
How much is the settlement worth?
A 25 million dollar cash fund for consumer payments, plus additional data security and identity protection commitments that some reporting valued at over 42 million dollars in total settlement value when combined.
Can I still file a claim?
No. The claim deadline was May 27, 2025, and has passed. The settlement received final court approval on August 25, 2025, closing this specific claims process to new submissions.
What did the settlement provide to eligible class members?
Two years of financial monitoring and identity theft insurance, plus reimbursement for documented out-of-pocket losses tied to the breach, with a specific California subclass also eligible given the state additional privacy protections.
Did LoanDepot admit wrongdoing?
No. LoanDepot did not admit wrongdoing as part of the settlement, which is standard practice in class action settlements of this kind.