$1.185M Forward Bank data breach class action settlement

Forward Bank agreed to pay $1.185 million as part of a class action lawsuit settlement to resolve claims it failed to prevent a 2023 data breach that compromised sensitive consumer information.

The Forward Bank settlement benefits individuals who received a data breach notice from Forward Bank informing them their information may have been compromised in a data breach on or around Sept. 6, 2023.

The Forward Bank data breach, which the company announced in November 2023, reportedly compromised sensitive information, such as Social Security numbers, financial account information and more. According to a class action lawsuit, Forward Bank should have prevented the data breach with reasonable cybersecurity measures.

Forward Bank is a Wisconsin-based bank that offers various financial services, including personal and business banking, loans and mortgages.

Forward Bank hasn’t admitted any wrongdoing but agreed to a $1.185 million class action settlement to resolve these allegations.

Under the terms of the Forward Bank settlement, class members can receive up to $5,000 for out-of-pocket expenses related to the data breach. This includes identity theft damages, fraud-related losses, credit expenses, communication costs, bank fees and up to five hours of lost time at a rate of $20 per hour.

Class members who did not experience any documented out-of-pocket losses can still receive a pro rata cash payment from the settlement. These payments will be around $75 but may be higher or lower depending on the number of claims filed with the settlement.

The deadline for exclusion and objection was Nov. 24, 2024.

The final approval hearing for the settlement is scheduled for Jan. 21, 2025.

To receive settlement benefits, class members must submit a valid claim form by Jan. 8, 2025.

Who’s Eligible

Individuals who received a data breach notification letter from Forward Bank informing them their information may have been compromised in a data breach that occurred in September 2023

Potential Award

Up to $5,000 for out-of-pocket losses or a pro rata cash payment of approximately $75

Proof of Purchase

Account statements, receipts, invoices, credit reports, travel receipts, IRS letters, financial or tax documents and other documentation of data breach-related expenses

Claim Form

NOTE: If you do not qualify for this settlement do NOT file a claim.

Remember: you are submitting your claim under penalty of perjury. You are also harming other eligible Class Members by submitting a fraudulent claim. If you’re unsure if you qualify, please read the FAQ section of the Settlement Administrator’s website to ensure you meet all standards (Top Class Actions is not a Settlement Administrator). If you don’t qualify for this settlement, check out our database of other open class action settlements you may be eligible for.

Claim Form Deadline

01/08/2025

Case Name

Broeske, et al. v. Forward Bank, Case No. 2024CV000006, in the Wisconsin Circuit Court for Wood County

Final Hearing

01/21/2025

Settlement Website

ForwardBankDataSettlement.com

Claims Administrator

Forward Bank Data Settlement
Settlement Administrator
PO Box 25226
Santa Ana, CA 92799
[email protected]
833-285-3396

Class Counsel

Philip J Krzeski
CHESTNUT CAMBRONNE PA

Raina C Borrelli
STRAUS BORRELLI PLLC

Gary M Klinger
MILBERG COLEMAN BRYSON PHILLIPS GROSSMAN PLLC

William B Federman
FEDERMAN SHERWOOD

Defense Counsel

Patrick O’Meara
MCDONALD HOPKINS LLC