Cadence Bank data breach settlement: $12,500 up for grabs: Bank’s $5.2 million data settlement — check if you got the notice
The data breach occurred between May 28 and May 31, 2023. As The Sun noted, this affected Cadence Bank and other companies using MOVEit. Customers were notified of the breach in September 2023. The bank could have used stronger security to stop the breach, the people said. The bank said there was nothing wrong. However, the bank agreed to pay $5.2 million to settle the case. People who can receive money from the settlement have already received notifications from the administrators.
How much money can you get
People with ordinary losses can claim up to $2,500. Ordinary losses include bank fees, communication costs and credit costs. Plaintiffs may also receive payments of $25 per hour for up to four hours spent dealing with the violation, for a total of $100.
As The Sun notes, people with extraordinary losses such as unrefunded money, professional fees or credit repair costs can claim up to $10,000. To reach the maximum of $12,500, claimants must provide evidence such as a bank statement, receipt or invoice. Those with no financial loss can still receive a one-time payment of $100. All eligible members will also receive two years of free credit monitoring and identity theft protection.
Important deadlines
Claim forms must be submitted by June 4 or people will miss payment. The deadline to exclude yourself from the agreement is May 5. The final confirmation hearing is scheduled for July 9, 2026, The Sun reported. Payments will be sent after the court gives final approval.
What is the point of this type of case?
A class action lawsuit allows a large group of people to file a lawsuit together. Often one or a few people file a lawsuit against many people with similar complaints. Companies often decide to avoid long legal battles and costs. People who accept settlement money often give up their right to re-sue. If you received a notification, check it immediately; You may be eligible to receive cash, free monitoring, and compensation.
FAQ
Q1. Who can get money from Cadence Bank data breach settlement?
Individuals who receive a notification stating that their data was affected by the 2023 MOVEit breach linked to Cadence Bank may file a claim.Q2. How much money can you get from the Cadence Bank deal?
Eligible claimants can receive anywhere from $100 to $12,500, depending on the losses and evidence presented.
