The article provides comprehensive details about the LastPass data breach class action settlement, including information on class action payment dates, amounts, and eligibility criteria. The incident highlights the increasing frequency of cyber crimes, particularly within banking and investment sectors. Security management companies are also implicated in such breaches. LastPass, a password management company, recently experienced a significant data breach. The full details of the class action settlement for this breach are covered in the article.
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LastPass Data Breach Class Action Settlement
The company has been entangled in a data breach case for four months in 2022. An anonymous entity has filed a lawsuit against the security and password management firm, accusing it of sharing user details with third parties. The lawsuit claims that the company engaged in malpractice for over four months, during which a substantial amount of capital was collected.
The lawsuit targets related companies, including GoTo Technology, known for its software-as-a-service cloud structure, and LastPass, a security management firm. The allegations indicate that the company failed to protect the personal information of its class members and paying users. Approximately 25 million users reportedly lost their personal data and passwords to third parties as a result.
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The Case
The case, filed in 2022, is still awaiting a final verdict. Numerous users have petitioned for a settlement regarding the release of their information. According to the company’s technical department, attackers targeted their cloud storage in August 2022. The details of the breach were initially confined to the department, but a malicious virus was subsequently introduced into the cloud’s SaaS platform, resulting in the transfer of data to third-party users.
The company asserts that it employs zero-knowledge encryption with PBKDF2-SHA256 technology and 65,000 iterations to secure passwords. Additionally, a separate authentication hash is used to protect keywords from server-side attacks. Despite these measures, many hackers have managed to steal finances and cryptocurrency by using passwords. Numerous users have filed lawsuits claiming that $53,400 worth of their cryptocurrency has been stolen.
Class Action Payment Dates
August 25, 2022: The company notified its users about detecting unusual activity in the development environment of the cloud architecture. Despite this, services were operating normally, and the company did not prioritize the issue.
September 15, 2022: The firm announced that passwords were safe and that attackers had not accessed the password vaults.
November 30, 2022: The company discovered unauthorized access to some accounts and began investigating the presence of a malicious virus.
January 3, 2023: An unnamed entity has launched a lawsuit against the firm over the data leak.
January 23, 2023: GoTo, the parent company of LastPass, announced that hackers had exfiltrated backup accounts.
September 15, 2023: A million users found that their information had been shared with third-party entities.
January 15, 2024: The court has set the ultimate ruling for September 2024.
The latest updates indicate that the hearing for the application for the class proceeding is scheduled for September 2024. The ultimate verdict is still to be announced.
LastPass Data Breach Class Action Settlement Amount
The company is currently seeking funds to manage investor losses and compensate for damages and losses suffered by class members. This includes financial losses, reputation damage, and impacts on creditworthiness. As of now, the firm has not issued any refunds.
However, the court will mandate the company to pay refunds and penalties for the data breach within a specified period. Users are advised to file settlement class actions with valid documentation to receive the settlement amount.
Who Can Claim LastPass Data Breach Class Action Settlement?
The settlement amount will be issued to claimants with valid documents. Former users who were significantly affected by the breach will receive a portion of the settlement. Class members and company investors will also be compensated for their losses and stock price declines.
To be included in the class action, candidates must be residents of Canada and former users of the service company. Documents proving the privacy breach must be submitted as part of the lawsuit to validate claims.
Small companies that used the services and suffered losses will be compensated for those losses. All small firms connected to LastPass will be eligible to receive the class action settlement.