A US bank is settling with customers affected by a cybersecurity breach that exposed sensitive personal information.
According to the new class work DocumentsCadence Bank — a regional bank headquartered in the South — has agreed to a $5.25 million settlement over a data breach related to vulnerabilities in third-party file transfer software MOVEit, which the bank used and allowed cybercriminals to access customer data in May 2023.
Cadence Bank has set aside $5,250,000 in its settlement fund, with affected individuals eligible to receive up to $2,500 each for documented losses related to the breach.
“The Settlement Benefit Plan states that class members who submit a claim form with documented proof of ordinary losses are eligible for a one-time cash payment of up to $2,500.”
According to the lawsuit, Cadence failed to adequately protect customer information after the MOVEit software it relied on was compromised, affecting hundreds of thousands of individuals across the country.
In addition to standard reimbursements, affected individuals may be eligible for compensation of up to $10,000 for extraordinary losses associated with the breach, or alternatively a flat payment of $100 if they do not provide documentation.
The settlement also includes two years of free credit monitoring services. The case covers approximately 869,411 individuals whose personal information was exposed, and claimants must submit forms by June 4, 2026 to receive compensation.
As part of the agreement, Cadence Bank also committed to investing at least $3.5 million in data security improvements separately from the settlement fund.
Follow us on X, Facebook and cable
Never miss a beat – Subscribe Get email alerts delivered directly to your inbox
Checks Price action
browse Hodel’s daily mix
 
Disclaimer: The opinions expressed in The Daily Hodl are not investment advice. Investors should conduct due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of any assets including cryptocurrencies, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated image: mid-flight
