Billion-Dollar Bank Handing $1,500,000 To Current and Former Customers To Settle Class Action Lawsuit Over Data Breach

SouthState Bank, a Florida-based financial institution, has agreed to a $1.5 million settlement to resolve a class action lawsuit stemming from a data breach that occurred on February 7th, 2024. An unauthorized party gained access to the bank’s computer systems, potentially compromising sensitive customer data including names, dates of birth, addresses, phone numbers, financial account numbers, and Social Security numbers.

Eligible class members who can demonstrate documented losses related to the breach, such as identity theft or fraud, may receive up to $3,500. Additionally, all settlement class members will be offered credit monitoring services with identity theft and fraud insurance. Payments will also be distributed on a pro rata basis, depending on the total number of claims submitted.

To receive compensation, affected customers must submit a claim by June 15th. The settlement is subject to final approval at a hearing on June 22nd, and those wishing to object or opt out must do so by May 15th. Notably, SouthState Bank maintains its denial of all claims made in the lawsuit, despite agreeing to the settlement.

(Source：The Daily Hodl)