Generational Equity Lawsuit: The Class Action Settlement That Cost $275k!

Think about a time when you decided to take the help of an M&A firm only to get into a data breach problem later on! This is the basic story behind the Generational Equity Lawsuit!

A company that has been in business for a very long time and has helped clients transition smoothly, fell into a legal battle concerning a data breach in the year 2023. And what were the consequences? Well, compensation, losing clients, and having a stained reputation!

But, what about the clients whose personal information was compromised in this whole process? What can you do if you ever get into a similar problem? And, most importantly, can you file a claim for settlement amount?

Hi. In today’s blog. These are some of the questions that I will be talking about. So, if you want to know, keep reading till the end…

Generational Equity LLC: An Overview of the Company

Before talking about the Generational Equity lawsuit, let me brief you a little about what this company is and how it works.

So, Generational Equity LLC is a very popular advisory firm in the United States in the field of mergers and acquisitions (M&A). The primary work of this company is to help out small to middle-sized businesses.

When these businesses want to sell or merge their companies with other companies, or even find investors, they seek help from Generational Equity.

With the main goal of providing these businesses and entrepreneurs with the expert guidance that they need to become successful, this M&A firm has built a great reputation for itself in the market.

So, who can seek help from this firm? Generational Equity caters to a very wide range of businesses in this industry. Some of them are healthcare, technology, manufacturing, and retail.

Generational Equity has several years of experience with which it helps its clients in every small step of the merger process. From the valuation of your company to finally closing the deal, they literally guide you in every way possible.

And guess what? This is the reason why business owners who are looking for ways to sell their companies turn to this firm to get the best deal possible. Additionally, they also ensure that the business transition is both profitable and smooth.

However, even though this firm has a very strong presence in this industry for a long time, Generational Equity has been facing a huge number of legal problems. And the cyberattack issue that led to a data breach in the year 2023 was a huge one.

This issue led to a class action lawsuit in the same year, which resulted in a settlement amount of nearly $300,000.

Generational Equity Lawsuit: About the Data Breach Case

So, that brings me to the main topic of discussion: what is the Generational Equity lawsuit about? And is there really a case going on? What about some of the allegations that the company has been facing over the years?

First things first. Yes, there is a lawsuit going on against this merger acquisition company for years. But the most popular one that has gained a lot of attention in the past few years is the data breach case that took place in 2023.

What Happened?

Around 16th February in the year 2023, Generational Equity realized that there had been a massive data breach. This specifically exposed a lot of sensitive and confidential personal and financial information regarding the clients.

Because of this cyberattack, Generational Equity had a serious reputational loss. It raised a lot of concerns about the company’s data security.

As a result of the negligence, the identifiers of the clients as well as the social security numbers were in danger. Here are a few things that leaked:

• Name of the person
• Credit Card number
• Driver’s License number
• Financial records
• Contact details
• Social Security numbers

Therefore, clients came together to hold the firm responsible for not being able to protect confidential information.

The M&A firm then started investigating the situation and then began contacting those people whose information was harmed through an official notification.

This led to the concerns that were primarily related to identity theft, financial fraud, and other problems.

Legal Action and the Class Action Lawsuit

After that, Linda Glass filed a lawsuit against the firm in what we now refer to as the Linda Glass v. Generational Equity lawsuit in the Dallas District Court.

One by one, other individuals who were also affected by the same problem joined the lawsuit making it a class action.

In this class action lawsuit, people accused the firm of several things, including delayed response.

However, the most prominent of all these accusations was the failure to protect sensitive data and implement stronger and more secure cybersecurity measures.

Major Allegations in the Generational Equity Lawsuit

There were several legal allegations that Generational Equity had to face due to this lawsuit. Some of them that you should know about are as follows:

1. Data Breach and Exposure of Personal Information

The lawsuit’s main claim focused on Generational Equity’s cybersecurity system breakdown, which allowed hackers to access private data without permission. The breach exposed:

• Full names.
• Social Security numbers.
• Contact details (phone numbers, addresses, emails).
• Financial records and other sensitive documents.

The plaintiffs said this breach could lead to identity theft, money fraud, and other security risks, leaving victims open to harm.

2. Claimed Carelessness in Data Protection

The lawsuit also said Generational Equity didn’t put in place good cybersecurity measures to stop unauthorized access. The plaintiffs said the company:

• Used old or weak security software.
• Didn’t encrypt sensitive data well.
• Lacked strong systems to spot threats.
• Had no fast response plan to limit damage from cyberattacks.

Victims said if the company had used stronger security measures, they could have stopped the breach. This carelessness was a key reason the company was held responsible.

3. Delayed Notification and Failure to Act Promptly

One more serious claim was that Generational Equity didn’t tell affected people right away after finding out about the breach. Some victims said they found out about what happened weeks or even months later.

This delay stopped victims from acting fast to:

• Put a freeze on credit reports to prevent fraud
• Change passwords and lock down accounts
• Keep an eye on money matters for any strange activity

Because they didn’t let victims know, people accused Generational Equity of breaking consumer protection rules that say companies have to share info about data breaches as soon as they can

Eligibility for Filing the Generational Equity Lawsuit

If the 2023 Generational Equity data breach impacted you, you might have qualified to take part in the class action lawsuit against the company. For you to claim an amount, here’s the eligibility criteria:

• People whose private details were exposed in the breach (customers, workers, or partners of Generational Equity)
• Those who got an official notice from Generational Equity about the data breach, confirming their information was at risk
• Individuals who faced money problems, stolen identity, or scams because of the breach

Even if someone didn’t lose money, they might still have qualified for payment if their sensitive info leaked, which increased their chances of future scams.

People who met these requirements could submit a claim as part of the lawsuit and get a portion of the $275,000 settlement

Can You Still File Your Claim?

If you have been thinking about whether or not you can still file a settlement claim for this lawsuit, you need to first understand the deadlines and other requirements.

Unfortunately, the deadline for filing the Generational Equity lawsuit has passed. According to the official settlement website for Generational Equity Lawsuit, these were the dates:

Cause	Deadline
Opt Out of Settlement	November 3, 2024
Object to the Settlement and/or Attend a Hearing	November 3, 2024
Submit the Claim	December 3, 2024
Final Hearing	December 16, 2024

However, if you have missed the deadline, there are a few other things that you can do. Here are some of them that you need to know about:

1. Other Options

If the deadline has passed, you may still have:

• Talk to a consumer protection attorney to see if you can file an individual lawsuit.
• Check your financial accounts and report any fraud related to the breach.
• Check for future lawsuits or additional money to be paid out related to the case.

2. Credit Monitoring and Identity Theft Protection

Even if you missed the deadline, you can still protect yourself by:

• Signing up for credit monitoring (often free in data breach settlements).
• Placing a fraud alert or credit freeze on your accounts to prevent fraud.
• Reviewing your bank and credit card statements for fraud.

Who Can Help You With Such Cases?

In conclusion, data privacy has become a joke in today’s world. But, does that mean you need to compromise every time? Does that mean there is no way you get to exercise your rights and defend yourself?

Well, if you have been a victim of a data breach like those victims (plaintiffs) in the Generational Equity Lawsuit, you need to consult or hire a lawyer who specializes in fields like:

• Consumer protection.
• Data privacy.
• Class action lawsuits.

These lawyers can help you if you are looking for compensation for identity theft, financial fraud, and privacy violations.

1. Data Privacy Lawyers: These lawyers practice cybersecurity and data protection law. They can help you figure out if the company didn’t protect your data and file a claim for you.

2. Consumer Lawyers: These attorneys will hold companies accountable for harm to consumers. They’ll help you join a class action or file an individual claim.

3. Class Action Lawyer: If many people are affected, a class action attorney can represent a bunch of victims and get them a fair payout.

I hope that this blog has been helpful to you. If you have any other queries related to it, please feel free to let me know in the comments below. I will be there to answer them all for you!

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