LoanDepot’s $25 Million Data-Breach Deal Gets Initial Court Nod

LoanDepot Inc. would pay $25 million to settle allegations it negligently failed to protect the personal information of nearly 17 million people under a proposed deal given initial approval in federal court.

Plaintiffs in the proposed class action alleged that loanDepot breached its duties under common law, contract law, industry standards, the Federal Trade Commission Act, and the Gramm-Leach-Bliley Act to implement reasonable and adequate data-security measures.

Information exposed in the January 2024 incident likely included names, addresses, phone numbers, Social Security numbers, mailing addresses, property addresses, email addresses, account user names and passwords, loan-account information, bank-account information, credit-card numbers, ...