Pena et al. v. Financial Asset Management Systems, Inc.

A Settlement has been reached with Financial Asset Management Systems, Inc., (“FAMS” or “Defendant”) in a class action lawsuit about a cybersecurity incident that occurred in or around March 2023 (“Security Incident”).
 

The lawsuit is captioned Pena et al. v. Financial Asset Management Systems, Inc., 24-C-01218-S1 (In the State Court of Gwinnett County, Ga.). FAMS denies the allegations and all liability or wrongdoing with respect to any and all facts and claims alleged in the lawsuit but has agreed to a settlement to avoid the costs and risks associated with continuing this case.
 

You are included in this Settlement if you are a Settlement Class Member. A Settlement Class Member is an individual who resides in the United States and to whom Defendant sent a notice concerning the Security Incident. Settlement Class Members under the Settlement Agreement will be eligible to receive:

 

• Documented Out-of-Pocket Losses – up to a total of $2,500 per person for Settlement Class Members that submit an Approved Claim and supporting documentation, for Out-of-Pocket Losses incurred as a result of the Security Incident; AND
   

• Identity Theft Protection and Credit Monitoring. In addition to documented 
  Out-of-Pocket Losses, Settlement Class Members may submit a claim to accept two (2) years of free identity theft and credit monitoring services; OR
   

• Pro Rata Cash Payment. Instead of documented Out-of-Pocket Losses and identity theft protection and credit monitoring, Settlement Class Members may submit a claim for a pro rata cash payment from the Settlement Fund, which will be calculated after payment of any attorneys’ fees, costs, and reimbursement of expenses, any Service Award Payments, the Settlement administration costs, documented Out-of-Pocket Losses, and identity theft protection and credit monitoring.