$25M loanDepot data breach class action settlement

Mortgage lender loanDepot agreed to a $25 million settlement to resolve claims it failed to prevent a 2024 data breach that compromised the information of 16.9 million customers.

The loanDepot settlement benefits individuals who received a data breach notice from loanDepot informing them their information may have been compromised in a data breach between Jan. 3 and 5, 2024.

The loanDepot data breach reportedly compromised sensitive information, such as names, addresses, email addresses, financial account numbers, Social Security numbers, phone numbers and dates of birth. 

Plaintiffs in the class action lawsuit claim that loanDepot could have prevented the data breach, but it failed to implement adequate cybersecurity measures and properly train its employees.

loanDepot is an online mortgage lender that offers home loans, refinancing and home equity loans.

loanDepot has not admitted any wrongdoing but agreed to pay $25 million to resolve the allegations.

Under the terms of the loanDepot settlement, class members can receive a cash payment ranging from $5.30 to $70.71 depending on their participation rate. Exact payment amounts will vary.

Class members who reside in California may be able to receive additional payments through the loanDepot settlement. These class members can receive a California Consumer Privacy Act payment of between $14.90 and $149.04, depending on the number of claims filed with the settlement.

Class members who experienced out-of-pocket expenses as a result of the loanDepot data breach can also receive reimbursement of up to $5,000. This reimbursement covers documented unreimbursed losses, consequential expenses, fees, credit-related costs, costs to place a freeze or alert on credit reports, costs to replace identification cards and more.

All class members are eligible for two years of free credit monitoring or identity theft protection services through the settlement.

In addition to providing monetary and credit monitoring benefits, loanDepot agreed to implement enhanced security measures to better protect consumer and employee information. 

Proposed enhancements include improved data management, increased cloud security and better threat detection capabilities. These improvements are valued at around $9.34 million.

The deadline for exclusion and objection is April 27, 2025.

The final approval hearing for the data breach settlement is scheduled for Aug. 18, 2025.

To receive settlement benefits, class members must submit a valid claim form by May 27, 2025.

Who’s Eligible

Individuals who were sent an individualized notice from loanDepot that their personally identifiable information may have been compromised by a data breach between Jan. 3, and 5, 2024.

Potential Award

Up to $5,000

Proof of Purchase

Bank statements, receipts, account statements, invoices, credit reports and other documentation of data breach-related losses.

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

05/27/2025

Case Name

In re: loanDepot Data Breach Litigation, Case No. 8:24-cv-00136-DOC-JDE, in the U.S. District Court for the Central District of California.

Final Hearing

08/18/2025

Settlement Website

LoanDepotBreachSettlement.com

Claims Administrator

In re loanDepot Data Breach Litigation
1650 Arch Street, Suite 2210
Philadelphia, PA 19103
[email protected]
844-996-4090

Class Counsel

Daniel S. Robinson
Michael W. Olson
ROBINSON CALCAGNIE INC.

Tina Wolfson
Alyssa Brown
AHDOOT & WOLFSON P.C.

Abbas Kazerounian
Mona Amini
KAZEROUNI LAW GROUP APC

Stephen G. Larson
LARSON LLP

Gary M. Klinger
MILBERG COLEMAN BRYSON PHILLIPS GROSSMAN PLLC

Defense Counsel

Matthew D. Brown
Mazda Antia
COOLEY LLP