Bank of Hope data breach class action settlement

Bank of Hope agreed to a class action lawsuit settlement to resolve claims that a 2018 data breach exposed Californians’ sensitive information.

The settlement benefits California residents as of June 28, 2018, whose personal information was transferred to The Alacer Group for professional services. 

Bank of Hope is a Korean American bank headquartered in Los Angeles. The bank has 54 branches in nine states, including California.

According to a class action lawsuit against the bank, Bank of Hope failed to take reasonable cybersecurity measures to protect customer data. As a result, a 2018 data breach allegedly compromised sensitive information, including names, addresses, financial account numbers, Social Security numbers and other identifiers.

“Many customers of Bank of Hope have had their [personal identifying information] compromised, have had their privacy rights violated, have been exposed to the risk of fraud and identity theft, and have otherwise suffered damages,” the data breach class action lawsuit argues.

Plaintiffs in the data breach class action lawsuit claim that Bank of Hope failed to notify customers. Despite the breach occurring in late June 2018, the bank allegedly waited over a month before sending notification letters to customers in July 2018. This delay denied consumers the ability to take proactive measures to protect themselves against identity theft and fraud, the class action lawsuit contends.

Bank of Hope hasn’t admitted any wrongdoing but agreed to pay an undisclosed sum to resolve these allegations.

Under the terms of the Bank of Hope data breach settlement, class members who experienced out-of-pocket expenses as a result of the data breach can receive reimbursement of up to $500. This reimbursement covers either one credit monitoring service purchased between July 20, 2018, and July 30, 2019, or costs and expenses stemming from data breach-related identity theft or fraud. Class members must provide documentation to recover this compensation.

All class members are eligible for two years of free identity-theft protection and insurance services offered through Experian. Consumers can enroll for this coverage using the unique activation code provided with their settlement notice.

In addition to providing funds for reimbursement and credit monitoring, Bank of Hope will make cybersecurity changes to protect consumer data better. This includes yearly security assessments, yearly employee training, vulnerability tests and more.

The deadline for exclusion and objection is Feb. 7, 2023. 

The final approval hearing for the Bank of Hope data breach settlement is scheduled for April 12, 2023.

Class members have until Feb. 21, 2023, to activate their credit monitoring coverage.

In order to receive a payment from the settlement, class members must submit a valid claim form by Feb. 7, 2023.

Who’s Eligible

California residents as of June 28, 2018, whose personal information was transferred to The Alacer Group for professional services.

Potential Award

Varies

Proof of Purchase

Documentation showing that you experienced the costs and expenses you seek to recover and the amount of the same such as receipts, customer service correspondence, bank or credit card statements, or other documentation that supports your claim.

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

02/07/2023

Case Name

Schumacher, et al. v. Bank of Hope, Case No. 18STCV02066, in the Los Angeles County Superior Court

Final Hearing

04/12/2023

Settlement Website

BHSettlementAdministration.com

Claims Administrator

Schumacher, et al. v. Bank of Hope
c/o JND Legal Administration
PO Box 91100
Seattle, WA 98111
info@BHsettlementadministration.com
855-533-0046

Class Counsel

Justin F Marquez
Thiago M Coelho
Robert J Dart
WILSHIRE LAW FIRM PLC

Defense Counsel

Michael Rhodes
Max Bernstein
COOLEY LLP