Customers of Cadence Bank are eligible for compensation after a data breach involving MOVEit software compromised their sensitive information. The bank has agreed to a $5.2 million class action settlement, and affected customers have one month to claim their share.
What Happened?
Cadence Bank faced a data breach between May 28 and May 31, 2023, due to a vulnerability in MOVEit’s file transfer software. The breach exposed sensitive customer data, including Social Security numbers.
Although Cadence Bank denies any wrongdoing, it has agreed to settle the case to avoid further legal proceedings. Customers were informed of the breach in September 2023.
How Much Can You Claim?
Under the terms of the $5.2 million settlement, customers can claim varying amounts based on the type of losses they experienced. Those who suffered significant losses, including unreimbursed monetary losses, professional fees, and credit repair costs, can claim up to $10,000. Those who experienced ordinary losses, such as credit-related expenses, can claim up to $2,500.
Even if you didn’t suffer major financial losses, you can still claim $100 as compensation for the impact of the breach. Additionally, those who spent time researching the breach can claim up to four hours of lost time at $25 per hour, totaling $100, explains The Sun.
In addition to the financial compensation, all eligible customers will receive two years of free credit monitoring and identity theft protection services. These services are meant to help protect your data from further misuse following the breach.
How to Claim Your Compensation
To receive compensation, affected customers must submit a claim form by June 4, 2026. The deadline is fast approaching, so it’s important to act quickly. If you haven’t been contacted already, you can still submit a claim.
You’ll need to provide documentation such as receipts or bank statements to support your claim if you are seeking the full $12,500. Claims can be submitted online, and the settlement administrators can be contacted at [email protected] for more information.
Important Deadlines
The deadline to submit a claim is June 4, 2026. The final approval hearing for the settlement is scheduled for July 9, 2026, and payments will be issued soon after. Be sure to file your claim on time to ensure you receive compensation for the breach.
So, if you are a Cadence Bank customer affected by the MOVEit data breach, don’t miss out on the opportunity to claim compensation. You could receive up to $12,500, plus two years of free credit monitoring and identity theft protection. Submit your claim before the June 4, 2024 deadline to ensure you don’t miss out on this settlement.
