Flagstar Agrees to $31.5 Million Deal in Accellion-Breach Suit

Flagstar Bank NA has agreed to pay $31.5 million to settle allegations that it failed to protect the personal information of nearly 2.2 million people in data breaches linked to Accellion Inc.’s file-transfer software.

Class members would be eligible for up to $25,000 in documented monetary losses, three years of credit monitoring services, and a pro rata share of the net settlement fund, according to the plaintiffs’ motion for preliminary settlement approval filed in the US District Court for the Eastern District of Michigan. The coverage and terms were reported by Dissent for DataBreaches[.]Net, with readers invited to read more at Bloomberg Law.

The settlement represents a resolution of the Accellion-related breaches connected to Flagstar, and the article notes the involvement of the plaintiffs’ motion in the court proceedings. According to Bloomberg Law, the filing seeks preliminary settlement approval in the specified court.