$10,000 To Be Handed To Individuals After Insurance Company Reaches Settlement Over Major Data Breach

An insurance consulting and brokerage firm has agreed to pay millions of dollars to settle a lawsuit alleging it failed to adequately protect the personally identifying information (PII) of its customers.

According to a newly updated settlement administrator’s portal, California-based Keenan & Associates will establish a $14 million settlement fund to compensate victims of a data breach that occurred between August 21st and August 27th of 2023, when unauthorized users gained access to the insurance broker’s data systems.

“The files involved in the Data Security Incident included the following Personally Identifying Information: names, dates of birth, Social Security numbers, passport numbers, driver’s license numbers, health insurance information, and medical information, such as general health information.”

The lawsuit’s class members who have documented losses arising out of the data breach stand to receive up to $10,000 per individual. Other class members without documented losses are eligible for unspecified pro rata cash payments from the settlement fund. Class members will also receive three years of credit monitoring and insurance services to protect their PII from unauthorized use.

“In addition, Keenan has agreed to undertake certain remedial measures and enhanced security measures that it will continue to implement for a period of two years.”

To receive the benefits, claims must be submitted by October 30th. The final approval hearing for the settlement will be held on November 14th.

Though Keenan & Associates has agreed to the settlement, the insurance broker denies any wrongdoing.