LandmarkAdmin Data Breach Settlement Opens For Life Insurance Customers

About the Landmark Admin Settlement

A $6 million class action settlement ends allegations against Landmark Admin LLC and six major insurance companies, stemming from an alleged 2024 data breach.

This security incident potentially compromised the sensitive personal and financial information of approximately 1.6 million individuals across the United States.

Why Did Landmark Admin Policyholders Sue?

Landmark Admin is a third-party administrator for life and annuity insurance carriers, managing sensitive customer data for multiple insurance companies across the nation. In May 2024, the company says it detected suspicious activity within its IT infrastructure, confirming unauthorized network access by May 14.

The investigation revealed that cybercriminals had potentially accessed and exfiltrated files containing private information during a breach window that extended from May 13 to June 17, 2024.

Policyholders in a subsequent class action lawsuit claimed that the defendants failed to implement adequate cybersecurity measures to protect their sensitive data. 

While Landmark Admin has not admitted wrongdoing, the company agreed to the $6 million settlement to resolve allegations of negligence, breach of contract, and violation of privacy rights. 

This data security incident represents one of the largest breaches affecting the insurance industry.

Which Insurance Companies Does This Settlement Name?

The settlement encompasses six major insurance providers, all of which work with Landmark Admin as their third-party administrator.

• American Benefit Life Insurance Company
• American Monumental Life Insurance Company
• Capitol Life Insurance Company
• Continental Mutual Insurance Company
• Liberty Bankers Life Insurance Company
• Accendo Insurance Company

These companies form part of the Liberty Bankers Insurance Group network, sharing administrative services through LandmarkAdmin. 

The six providers maintained individual policyholder relationships while utilizing centralized data management systems that were also likely affected by the breach.

Who May Possibly Participate in the Landmark Admin Settlement?

Insurance policyholders can potentially file a claim if they meet the following criteria:

• Reside in the United States, including territories and U.S. military installations worldwide.
• Held an insurance policy with one of the six named defendants between May 13 and June 17, 2024.
• Believe that their private information was potentially accessed, compromised, or impacted during the breach period.

The settlement class encompasses producers, policyowners, insureds, beneficiaries, and payors associated with insurance policies administered by Landmark Admin. 

Consumers who no longer maintain active policies with the affected companies may possibly be eligible to file a claim if a defendant stored their information in the breached systems during the class period.

Financial information allegedly compromised 

According to the LandmarkAdmin class action lawsuit, the data breach potentially exposed extensive personal and financial information, including:

• Names and physical addresses
• Social Security numbers and tax identification numbers
• Financial account numbers and routing information
• Driver's license numbers and state-issued ID numbers
• Passport numbers
• Dates of birth
• Health insurance policy numbers and medical information
• Life and annuity policy details

Class plaintiffs say that the comprehensive data exposure created significant risks for identity theft, financial fraud, and medical identity theft, making the settlement benefits particularly important for affected individuals.

Proposed Settlement Benefit Options 

Documented economic losses

Class members who experienced actual monetary losses related to the data breach may be eligible for reimbursement of up to $2,500. 

To possibly qualify for this compensation tier, you must provide documentation proving:

• Losses occurred after June 17, 2024.
• Expenses directly resulted from the Landmark Admin data breach.
• Claimants haven't received reimbursement from other sources.

Acceptable documentation includes:

• Bank statements showing fraudulent charges.
• Credit monitoring service receipts.
• Identity theft protection costs.
• Professional fees for accountants or attorneys
• Police reports documenting identity theft.
• Time spent addressing fraud (at $20 per hour, up to 10 hours).

All submitted documentation undergoes review by the settlement administrator to verify the connection between expenses and the security incident.

Fixed payment 

Individuals without documented losses may possibly select a simplified $30 cash payment. This option generally requires no supporting documentation beyond completing the claim form.

Final payment amounts may be adjusted downward if total claims exceed the $6 million settlement fund after accounting for administrative costs, attorney fees, and documented loss payments.

Additionally, class members may claim only one form of compensation (they cannot combine both options).