$6 Million Overby-Seawell Settlement Resolves Data Breach Lawsuit Against Company, KeyBank

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Overby-Seawell Company (OSC) and KeyBank have agreed to pay $6 million to settle a proposed class action lawsuit over a July 2022 data breach that compromised the private information of hundreds of thousands of mortgage clients.

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The deal, which received preliminary approval from the court on June 13, 2024, covers anyone whose personal information was impacted by the Overby-Seawell data security incident.

According to the official Overby-Seawell settlement website, OverbySettlement.com, the deal includes about 620,815 people, many of whom were residential mortgage clients of KeyBank and other mortgage lenders that used OSC’s tech services.

To fill out and file a Overby-Seawell settlement claim form, head to this page. Claim forms must be submitted online or by mail by October 21, 2024.

Class members who file a valid, timely claim can receive three years of identity theft protection and credit monitoring services, or a pro-rated cash payment.

In lieu of a cash payment, eligible individuals can also submit a claim for reimbursement for up to $6,000 in documented, out-of-pocket expenses fairly traceable to the breach, and $25 for every hour spent dealing with the effects of the incident, with a cap of $125.

Class members who were residents of California from May 26, 2022 to October 21, 2024 can also submit a claim for an extra $100 cash payment.

All payments to class members will be increased or decreased on a pro rata basis.

Last year, Fulton Bank paid $750,000 to settle litigation filed on behalf of customers who received notice that their information may have been impacted in the OSC data breach. Fulton Bank settlement participants can join the agreement outlined here, but any amount they received from that initial payment will be subtracted from what they get in the OSC settlement.

A final approval hearing for the Overby-Seawell data breach settlement is scheduled for December 9, 2024. It is typically after a class action settlement receives final approval from the court, and any appeals or objections are resolved, that benefits begin to go out to class members.

The initial class action lawsuit noted that OSC served as a vendor to provide KeyBank with verification that its residential mortgage clients were maintaining property insurance. According to the case, unauthorized actors were able to gain access to OSC’s network on July 5, 2022 and steal consumers’ sensitive information due to the defendants’ failure to implement adequate cybersecurity measures.

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