A securities lawsuit has been filed against a title insurance company and two of its executives in connection with a data breach from 2019.
In May 2019, the KrebsOnSecurity.com blog revealed a data exposure of approximately 885 million customer files in Santa Ana, California. American Financial Corp., according to the lawsuit filed Sunday in the U.S. District Court in Los Angeles against the company, its CEO and its CFO James Floyd, et. al v. First American Financial Corp., Dennis J. Gilmore and Mark E. Seaton . The trial was first reported by D&O Diary.
According to the lawsuit, although the blog said there was no information on whether the data was used by criminals, the company's stock dropped when the news was originally revealed, and again last week, when the company revealed the breach was investigated by US Securities and Exchange Commission, and that the Agency's executive staff had taken a preliminary decision to recommend the filing of an enforcement action against the company.
July, First American, one of the largest providers of title insurance in the United States, was the first insurance company to be charged with violating the New York State Department of Financial Services 201
The lawsuit, which seeks class action, prosecutes the company and its masters for violations of federal securities lawsuits and seeks damages, interest, attorney's fees and other costs.
did not respond to a request for comment.