Gershman Investment Corp. data breach class action settlement

Gershman Investment Corp. agreed to a class action lawsuit settlement to resolve claims that it failed to prevent a 2021 data breach that compromised sensitive personal information. 

The settlement benefits individuals identified by Gershman whose information was compromised in the data breach in September 2021.

The Gershman Investment data breach occurred in September 2021 and compromised sensitive personal information such as financial account numbers, Social Security numbers and other identifiers. Plaintiffs in the data breach class action lawsuit claim Gershman could have prevented the breach with reasonable cybersecurity measures. 

Gershman Investment Group is the nation’s top commercial mortgage lender. 

Gershman hasn’t admitted any wrongdoing but agreed to pay an undisclosed sum to resolve the data breach class action lawsuit.

Under the terms of the Gershman Investment data breach settlement, class members can receive several types of compensation. 

Class members can seek up to $350 for ordinary losses such as bank fees, communication charges, travel expenses and up to four hours of lost time at a rate of $20 per hour. 

Class members can also seek up to $5,000 for extraordinary losses arising from fraud, identity theft or other misuse of personal information. 

All class members can receive three years of free single-bureau credit monitoring services, including $1 million in identity theft protection services. 

The deadline for exclusion and objection is Oct. 3, 2023.

The final approval hearing for the Gershman Investment class action lawsuit settlement is scheduled for Nov. 2, 2023.

In order to receive settlement benefits, class members must submit a valid claim form by Nov. 2, 2023.

Who’s Eligible

Individuals identified by Gershman whose information was compromised in the data breach in September 2021

Potential Award

$5,300

Proof of Purchase

For ordinary-loss claims: Documentation such as elephone and cellphone bills, gas receipts, postage receipts, bank account statements reflecting out-of-pocket expenses, invoices or statements reflecting payments made for professional fees/services.

For extraordinary-loss claims: Documentation such as bank or credit card statements, letters from the IRS or other tax authorities, letters from state unemployment agencies, police reports.

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

11/02/2023

Case Name

Richardson, et al. v. Gershman Investment Corp., Case No. 22SL-CC03085, in the Circuit Court of St. Louis County, Missouri

Final Hearing

11/02/2023

Settlement Website

GershmanInvestmentDataSettlement.com

Claims Administrator

Gershman Data Breach Settlement
c/o Settlement Administrator
Penn Center – Post Office, PO Box 58339
Philadelphia, PA19102
866-767-6440

Class Counsel

Gary M Klinger
MILBERG COLEMAN BRYSON PHILLIPS GROSSMAN PLLC

Lynn A Toops
COHEN & MALAD LLP

Samuel J Strauss
Raina Borrelli
TURKE & STRAUSS LLP

Brandon M Wise
Paul A Lesko
PEIFFER WOLF CARR KANECONWAY & WISE LLP

Defense Counsel

James F Monagle
MULLEN COUGHLIN LLC

David W Sobelman
Glennon P Fogarty
HUSCH BLACKWELL LLP