Arizona Financial Firm To Hand Out up to $5,000 per Person in Settlement Over Data Breach That Exposed Names, Social Security Numbers
Arizona-based financial firm On Q Financial is agreeing to a $1.25 million class action settlement over a February 2024 data breach exposing client names and Social Security numbers.
The proposed settlement was filed in Maricopa County Superior Court and says the official notice that On Q Financial LLC will pay $1,250,000 into a fund.
Eligible claimants can seek up to $5,000 for documented out-of-pocket losses or an estimated $50 alternative cash payment that will be determined on a pro rata basis. The settlement class members will also get one year of single-bureau credit monitoring with up to $1 million in fraud insurance.
The official settlement notice describes the incident.
“A settlement has been reached with On Q Financial, LLC (“On Q” or “Defendant”) in a class action about a data breach on or around February 20, 2024, that allowed unauthorized access to certain files containing clients’ Private Information (the “Data Security Incident”). This Private Information included names and Social Security numbers. The Defendant denies all of the Plaintiffs’ claims and maintains that it did not do anything wrong.”
Claims must be filed by October 28, 2026, with opt-outs due by September 28, 2026.
The final approval hearing is set for November 16, 2026.
The company denies wrongdoing but settled to avoid further litigation costs.
The fund also covers up to $437,500 in attorneys’ fees and $10,000 in service awards.
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