Billion-Dollar Bank Handing $2,400,000 To Customers and Attorneys In Settlement Over Data Breach That Impacted 204,291 People

Union Bank and Trust Company (UBT), a Nebraska-based bank with approximately $9 billion in assets, has agreed to a $2.4 million settlement to resolve a class action lawsuit stemming from a data breach in May 2023. The breach occurred due to a cyberattack by the “CL0P Ransomware Gang” exploiting a vulnerability in the bank’s MOVEit file-transfer software, developed by Progress Software Inc. Despite being warned about the vulnerability, approximately 204,291 customers’ personal information was potentially compromised before the issue was resolved.

While UBT denies any wrongdoing, the settlement will provide affected customers with reimbursement for documented losses (up to $10,000) related to data misuse, a $100 cash payment, and two years of credit monitoring and identity theft protection. The funds will also cover administrative costs and legal fees.

The settlement is currently awaiting court approval. UBT, founded in 1917 and headquartered in Lincoln, Nebraska, took the MOVEit software offline and applied patches after being notified of the vulnerability, but the damage had already been done.

(Source：The Daily Hodl)