$2.5M Settlement Reached in Professional Finance Company Data Breach Lawsuit

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Professional Finance Company (PFC) has agreed to pay $2,500,000 to settle a proposed class action lawsuit that alleged a February 2022 data breach would not have happened had the accounts receivable management firm employed proper cybersecurity measures.

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The settlement covers anyone whose personally identifiable information was identified as compromised in the Professional Finance Company data breach and to whom notice of the incident was sent.

The official website for the deal, ProfessionalFinanceSettlement.com, states that the settlement covers about two million people, many of whom were patients of the defendant’s healthcare provider clients.

According to the class action lawsuit against Professional Finance Company, cybercriminals were able to access PFC’s computer systems on February 26, 2022 and steal victims’ names, addresses, dates of birth, Social Security numbers, medical information and health insurance information.

To receive a cash payment and other benefits from the deal, class members must file a valid claim form by February 12, 2025.

Class members who had their Social Security numbers exposed can submit a claim form to receive up to $500 for unreimbursed losses related to the PFC data breach, such as costs incurred as a result of fraud or identity theft, fees for credit repair services, or costs associated with freezing or unfreezing credit. Claims for reimbursement must be submitted with supporting documentation, the settlement website states.

Social Security number class members can also submit a claim for 24 months of free credit monitoring services.

Covered California residents whose Social Security numbers were impacted can elect to receive an extra $50 payment, which may increase or decrease on a pro-rated basis depending on how many valid claim forms are filed, the site shares.

Class members whose Social Security numbers were not affected by the breach can claim 24 months of free identity theft monitoring services, the settlement website states.

To file a claim form online, head to this page and log in using the class member ID located in the settlement notice you should have received.

You can also download a PDF claim form to print and return by mail. Social Security number class members should use this claim form. Non-Social Security number class members use this claim form.

The Professional Finance Company settlement was preliminarily approved by the court in October 2024. Settlement benefits and cash payouts will be sent to claimants only after the settlement receives final approval from the court at a hearing slated for April 17, 2025.

“If the Court approves the settlement, there may be appeals from that decision and resolving them can take time, perhaps more than a year,” the settlement site reads. “It also takes time for all the Claim Forms to be processed. Please be patient.”

Head to ClassAction.org’s settlements page for a complete list of data breach settlements.