A US bank agreed to pay hundreds of thousands of dollars to compensate its customers after their data fell into the hands of an unauthorized party.
According to To the settlement administrator’s portal, First Chatham Bank, based in Savannah, Georgia, will pay $475,000 to end a class action lawsuit that was filed after a data breach that occurred in September of 2024.
The breach occurred when an unauthorized actor accessed First Chatham Bank’s computer systems and obtained confidential files containing sensitive customer information.
“These files may contain personal information such as names, addresses, dates of birth, driver’s license numbers, Social Security numbers, financial account numbers, and payment card information.”
The amount will be determined for each data breach victim on a pro rata basis.
While each member of the settlement class who submits a valid claim is expected to receive an estimated $100, the final number may rise or fall depending on the number of victims who come forward.
Plaintiffs named in the data breach lawsuit against First Chatham Bank will also receive a service award.
Compensation claims must be submitted by June 3rd. The final approval hearing is scheduled for June 18.
Despite agreeing to the settlement, First Chatham Bank denies any wrongdoing. The court also did not rule in favor of the defendant or plaintiffs.
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