Michigan-based Financial Software Provider Preparing To Pay Out $5.5 Million In Data Breach Settlement
Doxim Inc. has agreed to a $5.5 million settlement following a data breach that exposed sensitive consumer information.Summary
Doxim Inc., a Michigan-based financial software provider for credit unions, has agreed to a $5.5 million class action settlement in federal court. The lawsuit stemmed from a security incident detected on December 30, 2023, where unauthorized access to the company's network led to the theft of sensitive data, including names, addresses, account numbers, and Social Security numbers.
Under the terms of the settlement, qualifying U.S. residents can claim reimbursement for up to $5,000 in proven out-of-pocket costs related to identity theft or fraud. Additionally, claimants without documentation may receive a pro rata cash distribution of approximately $100, and all valid claimants will be eligible for one year of credit monitoring services.
While Doxim Inc. has denied any liability, the company opted to settle to avoid further legal expenses and uncertainty. The settlement fund will also cover attorney fees, expenses, and service awards for the named plaintiffs. The deadline for submitting claims is October 13th, with final court approval expected on October 28th.
(Source：The Daily Hodl)