Financial Institution Grants Large Settlement to Data Breach Victims following Cybersecurity Incident, Leaking Names, Social Security Numbers, and Bank Account Information
In a recent turn of events, Evolve Bank & Trust, originally First State Bank, is facing a class action lawsuit following a data breach that occurred between February and May of 2024. The settlement, which was reached recently, offers compensation to victims who meet specific criteria.
The lawsuit alleges that cybercriminals infiltrated the bank's information systems, gaining access to sensitive information such as names, Social Security numbers, bank account numbers, and contact information for most of the bank's customers. Eligible individuals must file a claim by October 30th to qualify for compensation. A final approval hearing of the settlement will be held on November 14th.
Qualified Settlement Class Members may receive the following benefits:
1. **Credit Monitoring**: Members can elect one year of credit monitoring that includes real-time alerts and insurance coverage for identity theft losses up to $1,000,000. This benefit is valued at $110 per person per year.
2. **Cash Payment Options**: Each Settlement Class Member may select only one of the two cash payment options: - **Cash Payment A – Documented Losses**: Up to $3,000 for documented losses related to the data breach upon submission of a valid claim and supporting proof of those losses. - **Cash Payment B – Flat Cash**: A flat payment estimated at $20 irrespective of documented losses.
To receive these benefits, eligible individuals must submit a claim form online or by mail as specified in the settlement notice. The settlement process is overseen by the United States District Court for the Western District of Tennessee, and the defendant denies wrongdoing. However, participation in the settlement class and timely submission of claims is required to access these compensation options.
Meanwhile, in the world of cryptocurrency, several notable developments have taken place. Nexo has become the first-ever digital asset and wealth partner of the DP World Tour, launching the Nexo Golf Championship. PrimeXBT has launched a 'Trade As VIP' campaign offering 70% off trading fees. P2P.org has brought native ETH staking to Ledger Live globally, and the number-one DeFi protocol on Aptos, Echo, has launched a Token Generation Event.
However, it's not all positive news in the crypto sphere. The FDIC has warned about an epidemic of scammers impersonating bank employees, draining customers' accounts. Additionally, an analyst expects rallies unlike anything the market has seen for crypto, while Cooking.City is bringing back value redistribution to Solana.
On a more positive note, Oasis Protocol Foundation has launched ROFL Mainnet, a verifiable off-chain compute framework powering AI applications. The Open Platform has reached a $1 Billion valuation, making it the first Unicorn in the Web 3.0 ecosystem on Telegram.
[1] Settlement Class Members are persons in the United States who provided their Private Information to Evolve Bank & Trust, either directly or indirectly, and whose information was included in the files affected by the data breach incident. Private Information includes names, dates of birth, Social Security numbers, drivers’ license numbers, bank account numbers, and contact information. Certain groups are excluded, such as governing board members of the defendant, governmental entities, court staff, and any who validly opt out of the settlement.
[3] To learn more about the settlement and to file a claim, visit the settlement website at www.EvolveBankDataBreachSettlement.com or call 1-833-759-1499.
- The lawsuit against Evolve Bank & Trust alleges a data breach involving cryptocurrency-irrelevant sensitive information like names, Social Security numbers, and bank account numbers, prompting a class action settlement.
- Among the benefits of the settlement, eligible individuals may choose either credit monitoring or cash payments, with Cash Payment A offering up to $3,000 for documented losses related to the data breach.
- Simultaneously, in the realm of technology and business, advancements in blockchain-related fields such as cryptocurrency, DeFi, and AI applications continue, while cybersecurity concerns persist due to increasing instances of scams and data breaches.
