On Q Financial Settles Class Action Over Data Breach, Offering Up to $5,000 per Claimant

On Q Financial, an Arizona-based financial firm, has reached a $1.25 million class action settlement due to a data breach that occurred in February 2024. The breach exposed client names and Social Security numbers, prompting legal action from affected individuals.

The proposed settlement, filed in Maricopa County Superior Court, allows eligible claimants to seek up to $5,000 for documented out-of-pocket losses. Alternatively, claimants can opt for an estimated cash payment of $50, which will be distributed on a pro rata basis. Additionally, members of the settlement class will receive one year of single-bureau credit monitoring along with up to $1 million in fraud insurance.

The official settlement notice outlines the incident, stating, “A settlement has been reached with On Q Financial, LLC 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.” Despite denying any wrongdoing, On Q Financial opted to settle to avoid further litigation costs.

Claims must be filed by October 28, 2026, with opt-out requests due by September 28, 2026. A final approval hearing is scheduled for November 16, 2026. The settlement fund also allocates up to $437,500 for attorneys’ fees and $10,000 for service awards.