The Purpose Financial, Inc., a consumer financial services company that was formerly known as Advance America, has recently agreed to the settlement of $7.75 million. It resulted from a class action lawsuit, which was filed against the company for the February 2023 cybersecurity incident.
This settlement has already received preliminary approval from the court. If you are one among the individuals whose personal information was compromised in the data breach incident, you can also get a portion from the fund. To get compensated, it is mandatory that you take the required step.
With the preliminary approval, the important dates for this settlement are disclosed. The due date to opt out from the class members and object to this settlement is January 2, 2026; the deadline to file a claim form is February 2, 2026; and the hearing for the final approval will take place on March 17, 2026.
Who is eligible for the payout from this settlement?
To get a payout from the Purpose Financial data breach settlement, it is mandatory that you are a citizen of the US and live in its territory or state; are a customer of this company or its subsidiary; and have had personal information compromised in a data breach.
Additionally, you received a notice from the company about the cybersecurity security, as well as a notice from the settlement administrator about getting compensated with your Unique ID and PIN.
What is required to do to get the payment from this settlement?
In order to get the payout from the Purpose Financial data breach settlement, it is mandatory to file a claim form. Make sure you file it by the due date; you can file it online via web portal and offline via postmarking.
Ensure that you provide all the details accurately, because even a single mistake may result in rejection. If you are planning to file online, you are highly recommended to do it at least a few days before the due date so you can avoid the last-minute rush.
How much will be received from this settlement?
The total fund for the Purpose Financial data breach settlement is $7.75 million, out of which around 30% will be deducted for the attorney fee and administration costs, and the remainder will be distributed among the class members. The payout depends on the claim type:
- If you file a claim form for out-of-pocket expenses incurred due to the cybersecurity incident, you can expect to get the payment up to $5,000. For this, you need to provide proof such as a receipt and bank statement.
- If you haven’t suffered any financial losses due to the 2023 data breach incident, you still get a payout by filing a claim form. The payout will come on a pro rata basis; it is expected to be around $50 or even more.
- Individuals who are residents of California will get an additional payment of a maximum of $50. It will also be distributed among the class members on a pro rata basis, so this payout may also be reduced or increased.
How to file an online claim form for this settlement?
In order to file a claim form for the Purpose Financial data breach, please go through the step-by-step instructions.
- Go to the Purpose Financial data breach settlement website at https://purposefinancialsettlement.com/.
- Find and click on the option that reads ‘SUBMIT A CLAIM.’
- Fill in your Unique ID and PIN and click on the Login button.
- Enter all the details accurately, which includes your name, mobile number, and email address.
- Attach proof for out-of-pocket expenses incurred due to the data breach incident, if you have any.
- Choose an electronic payment gateway to receive payout from this settlement.
- Review all the details, and click on the Submit button to file a claim form.
Disclaimer: Purpose Financial data breach information is for informational purposes only. Official findings and updates will be determined by the company and relevant authorities.