Important Update: Following The April 12, 2023 Hearing, The Court Granted Final Approval of The Settlement. Copies of The Court's Orders Are Available on The Important Documents Page.
Important Update: The Deadline to File a Claim Has Passed, and The Deadline to Activate Free Credit Monitoring Has Passed.
What is this Settlement about?
A settlement agreement (the "Settlement Agreement" or "Settlement") has been reached in a class action lawsuit (the "Lawsuit") alleging that certain confidential Bank of Hope customer data that was shared with a third-party contractor (The Alacer Group) was exposed during the summer of 2018. The information exposed included names, addresses, financial account information and Social Security numbers.
Bank of Hope denies all claims asserted against it, denies all allegations of wrongdoing and liability, and denies all material allegations of the Complaint. The Court has not decided who is right or wrong. Instead, the parties have agreed to the Settlement to avoid the risk and cost of further litigation.
The Complaint and Settlement Agreement are available on the Important Documents page of this website.
Who is included?
If you received a notice from the Settlement Administrator, Bank of Hope’s records suggest that your information was shared with the third-party contractor. This does not mean that your information was necessarily exposed during the Data Incident. Instead, the proposed Settlement Class includes all California residents whose information was shared with the third-party contractor, even if there is no reason to believe that their information was exposed. The notice you received indicates whether you are also a part of the “Subclass” of customers whose information may have been exposed in the Data Incident.
How do I participate?
As part of this Settlement, Bank of Hope has agreed to provide free credit monitoring and related services to all Settlement Class Members and undertake certain preventative cyber security measures. Instructions for receiving identity monitoring services and identity theft insurance were provided in the notice that was sent to you. You must have activated the coverage by February 21, 2023. For more information on the credit monitoring benefit, please see FAQ 5.
Bank of Hope has also agreed to reimburse members of the Subclass for certain types of claims. If you are a member of the Subclass, you must submit a Claim Form in order to receive cash compensation. You can submit a claim online through this website, or you may mail the Claim Form included with your notice. Claim Forms must have beeen submitted online or postmarked by February 7, 2023. If you are not a member of the Subclass, you are not eligible to submit a claim for cash compensation.
YOUR LEGAL RIGHTS ARE AFFECTED WHETHER YOU ACT OR DON'T ACT, SO READ YOUR OPTIONS CAREFULLY.
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YOUR OPTIONS
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Receive Identity Theft Protection Services
Deadline:
February 21, 2023 (Passed)
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You may enroll in identity theft protection services for 24 months by following the instructions you received in the emailed or mailed notice. You must enroll and activate this coverage by February 21, 2023. For more information, see FAQ 5.
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Subclass Deadline to Submit a Claim Form
Deadline:
February 7, 2023 (Passed)
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Subclass Members must complete and submit a Claim Form to receive compensation.
By completing and submitting a timely and valid Claim Form accompanied by proper documentation, you may recover money depending on your claim. Claim Forms must be submitted online or postmarked by February 7, 2023.
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Ask to be Excluded
Deadline:
February 7, 2023 (Passed)
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Exclude yourself from this Lawsuit, meaning you will receive no benefits from this Settlement and will not be bound by the release of claims.
You may ask to be excluded from the Lawsuit. By excluding yourself, you cannot recover as part of this Settlement and you are not bound by its release of claims. If you exclude yourself from the Settlement, you may not object to the terms of the Settlement. To exclude yourself from the Settlement, you must follow the instructions provided in FAQ 9.
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Object
Deadline:
February 7, 2023 (Passed)
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Object to the terms of the Settlement.
You may object to the terms of the Settlement and have your objections heard at the Final Approval Hearing on April 12, 2023. To object to the Settlement, you must follow the instructions provided in FAQ 10.
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DO NOTHING
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You will not receive compensation or additional identity theft protection services and you will give up your rights to sue Bank of Hope about issues related to the Data Incident or the sharing of customer information with the third-party contractor.
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