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The Lyon Firm Files Lakeview Loan Servicing Data Breach Class Action

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The Lyon Firm, along with a team of data privacy lawyers nationwide, has filed a class action data breach complaint against Lakeview Loan Servicing, LLC for the company’s failure to protect the personal and financial information of its clients.

Lakeview Loan Servicing, LLC, operating out of Coral Gables, Florida, is one of the largest mortgage providers in the United States. If you received a data breach notification letter from Lakeview Loan Servicing, contact Joe Lyon to discuss your legal rights in the matter.

According to early reports, Lakeview Loan detected unusual activity on its computer systems in December 2021, a clear sign of a cyberattack, but the company did not contact potential victims until March 18, 2022. The personal data of around 2,537,261 individuals may have been compromised in the security breach.

If you or a loved one believe your private information was compromised by the Lakeview data breach, contact The Lyon Firm right away at (513) 381-2333. We have over 20 years of experience representing clients in lawsuits involving complex data breach matters.

What Personal Information Was Compromised in the Lakeview Loan Servicing Data Breach?

Lakeview Loan has noted the following information was possibly leaked in the data breach:

  • Names
  • Address and contact information
  • Social Security numbers
  • Mortgage/loan information

As a loan servicing organization, Lakeview has a duty to safeguard its customers’ private information. However, they are accused of failing to properly encrypt their data and otherwise protect their systems from unauthorized access.

Due to the data breach, customers may have suffered significant out-of-pocket expenses, and have lost valuable time in order to remedy the effects of the cyber attack.

What Else Is Being Alleged in the Lakeview Loan Servicing Class Action Lawsuit?

The Lakeview loan servicing data breach occurred over the time period of October 27 through December 7, 2021. However, Lakeview did not determine what information was accessed until January 31, 2022.

Furthermore, legal claims against Lakeview allege that the company failed to notify affected customers until as late as March 18, 2022. This delay exposed customers to a heightened risk of fraud, identity theft, and other losses, and made matters worse for victims.

After a data breach, every moment is valuable for ensuring that data is not used wrongly. By sitting on such information, Lakeview dodged its responsibility to help the data breach victims respond in a timely and prompt manner and take the proper measures to protect themselves.

Due to the delay, exposed personal information could already be available on the “dark web” and other distribution channels used by fraudsters. Those affected by the breach now potentially face a lifetime risk of identity theft, as sensitive information such as birth dates and social security numbers have been compromised.

What Are Some Repercussions of a Data Breach Such as the One Involved with Lakeview?

Hackers and fraudsters can wreak havoc on a person’s identity and life once they get a hold of personal information through a data breach.

For instance, identity thieves can use a person’s information to apply for credit cards in their name. They might then use the cards and not pay the bills, damaging the person’s credit.

In such a case, the victim might not discover their identity is being used until they are denied further credit lines, or they start getting calls demanding payment on the bills.

It is estimated that stolen data may be held for as long as a year before it is actually used to commit fraud or identity theft. If the stolen information is sold, posted online, or listed on the dark web, fraudulent use of such data could persist for years.

Such long-term risks and threats must be considered when factoring in damages in a data breach class action lawsuit.

Those affected by the Lakeview loan servicing data breach may be entitled to significant damages for their losses. Contact The Lyon Firm at (513) 381-2333 to schedule a free, no-obligation consultation to discuss your legal rights and options about the breach.

What Do Damages in a Data Breach Class Action Cover?

Damages in a data breach class action may be extensive and will typically cover losses such as:

  • Unauthorized credit charges
  • Damage to credit
  • Cost of replacing credit cards
  • Fees associated with monitoring credit
  • Time and expenses needed to investigate the breaches
  • Emotional and psychological distress

In addition, members of the class action may have to perform credit freezes or take other measures to protect identity theft. All of this must be factored into the compensatory damages and reimbursement for out-of-pocket expenses caused by the breach.

Lastly, injunctive relief may be sought against Lakeview to compel them to improve their data systems, strengthen data breach protocols and audits, and provide more adequate credit monitoring services.