August 26, 2010 – Louisville, KY – Final approval for a settlement between Countrywide Financial Corporation and millions of their customers was granted by a federal judge on August 23.
The Associated Press reports that the nearly 17 million people affected in the lawsuit were patrons of Countrywide whose account information was erroneously exposed. Countrywide is now owned by Bank of America. The affected customers include anyone who used Countrywide to obtain or service a mortgage prior to July 1, 2008.
Customers who experienced identity theft as a result of the exposure of their financial information could be reimbursed for as much as $50,000 for each instance of identity theft. To claim compensation, victims must be able to prove they were damaged by the identity theft, were not reimbursed by another company, and the identity theft was caused by the Countrywide security breach.
More than 3 dozen lawsuits had been filed in connection with the Countrywide security breach and U.S. District Judge Thomas B. Russell granted class-action status on Monday with final settlement approval. His ruling provides immediate compensation for possible victims of identity theft.
The Countrywide security breach became well-known after the arrest of Rene Rebollo Jr. and Wahid Siddiqi. An investigation found that Rebollo downloaded data from more than 20,000 customers a week for 2 years onto a flash drive. This breach took place from 2006-2008. He then sold the information to Siddiqi over that period of time, earning $50,000.
Attorneys Mark Gray and Matthew White of Gray and White Law were integral members of the Plaintiff’s Liason counsel for the class action lawsuit. The Gray and White Law Law Firm is pleased to announce the favorable outcome of this class action suit.
If you have been wronged by a company in which you put your trust, you need to have a strong advocate in your corner. Attorneys, Mark K. Gray and Matthew L. White, along with their team of knowledgeable associates, will be your advocate. Their experienced team will work diligently to locate others who have been similarly victimized. As your attorneys, Gray and White Law will use their knowledge of class action litigation to build a well-founded case, no matter the size or scope. Contact us today to schedule an evaluation of your case – 1-888-450-4456.