AMERICANS can receive up to $3,000 after a major lawsuit was settled regarding a data breach with a popular bank.
Evolve Bank and Trust recently settled a $3.78 million lawsuit accusing the bank of failing to adequately protect customers’ information.
Americans can receive up to $3,000 in a class action settlement[/caption]
The lawsuit comes after the bank announced that it was a victim of a data breach in February and May 2024, Top Class Actions reported.
Evolve Bank and Trust announced the breach in July 2024, reporting that customers’ sensitive information, including social security numbers, had been compromised.
Customers of the financial institution filed a class-action lawsuit against the bank, arguing that it could have taken more effective cybersecurity measures.
The bank is based in Arkansas and offers financial services to the public and financial technology companies.
The financial institution did not admit any wrongdoing but settled the lawsuit for nearly $4 million.
Class members who documented their losses due to the breach can be reimbursed up to $3,000.
The reimbursement will cover fraudulent charges, identity theft, and other expenses.
Those who didn’t experience any losses are still eligible to receive a $20 payout.
All members of the lawsuit will receive a cash payment and credit monitoring.
The credit monitoring services include real-time alerts and up to $1 million in identity protection.
Anyone who gave their personal information to Evolve Bank and Trust directly or indirectly is eligible to apply for a claim.
Claimants must have had their files affected by the 2024 data breach.
To apply, claimants must have documentation of losses.
The documentation could include bank statements, credit reports, and police reports.
What’s a class-action settlement?
Class action lawsuits offer groups of people, or ‘classes,’ a way to band together in court.
These suits are often brought by one or a few people who allege a company or other entity has wronged a large group of people.
When a suit becomes a class action, it extends to all “class members,” or people who may have similar complaints to those who filed the suit.
Companies often settle class actions – offering payment to class members who typically waive their right to pursue further legal action by accepting money.
These payout agreements frequently include statements by the defendant denying wrongdoing. Companies tend to settle class actions to avoid the costs of further litigation.
Pollution, discrimination, or false advertising are a few examples of what can land a class action on a company’s doorstep.
October 15, 2025, is the deadline for exclusion and objection.
To receive benefits, class members must submit their application by October 30, 2025.
Customers of Evolve Bank and Trust aren’t necessarily happy with the $20 payout.
“$20 That’s it for having all my info including my SS # leaked to the Dark Web??” one man commented under the Top Class Actions post.
“Crazy, it’s gonna be a lifetime of complete hell for their mistake, and they just say, ‘sorry here’s $20 now roll on,’
“Unbelievable!!”
