A billion-dollar bank has agreed to pay $1.5 million to current and former customers affected by a data breach.
According to the settlement administrator’s portal, the Florida-based SouthState Bank has agreed to establish a $1.5 million cash fund to reimburse victims of a data breach that occurred on February 7th of 2024.
The cybersecurity incident occurred after an unauthorized party breached SouthState Bank’s computer systems and accessed sensitive data belonging to current and former customers.
“This information may have included: names, dates of birth, addresses, telephone numbers, financial account numbers, and Social Security numbers.”
The settlement class members who provide documented proof of losses arising from the data breach, such as identity theft-related fraud, will receive up to $3,500 each.
Pro rata payments that will be determined by the number of total claims will also be handed out to victims of the data breach. The SouthState Bank settlement fund will also provide credit monitoring services that offer insurance coverage for identity theft and fraud to all the settlement class members.
To qualify for the payments, victims must submit a claim by June 15th. The final approval hearing for the settlement will be held on June 22nd. To object or to opt out of the settlement, victims must file a request indicating their intentions by May 15th.
Despite agreeing to the settlement, SouthState Bank denies all the claims made in the class action lawsuit, which was filed weeks after the data breach.
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