$12,500 up for grabs: Bank’s $5.2 million data settlement — check if you got the notice
Cadence Bank will pay $5.2 million in a settlement related to a 2023 data breach, with eligible customers able to claim up to $12,500.Summary
Cadence Bank has agreed to a $5.2 million settlement following a data breach in May 2023, affecting customers whose personal information, including Social Security numbers, was compromised through the MOVEit file transfer software. Customers affected by the breach received notices and are eligible to file claims for compensation. Individuals with documented losses can claim up to $10,000, plus reimbursement for time spent dealing with the breach at $25 per hour (up to four hours, totaling $100), with a potential maximum payout of $12,500 with sufficient proof. Even those without financial losses are eligible for a $100 payment and two years of free credit monitoring and identity theft protection. The claim deadline is June 4, 2024, and a final approval hearing is scheduled for July 9, 2026. This settlement stems from a class action lawsuit, allowing affected customers to collectively seek compensation without lengthy individual legal battles.
(Source：The Economic Times)