A billion-dollar bank has agreed to pay $1.5 million to current and former customers affected by the data breach.
According to the settlement administrator portal, Florida-based SouthState Bank Agreed To create a $1.5 million cash fund to compensate victims of the data breach that occurred on February 7, 2024.
The cybersecurity incident occurred after an unauthorized party hacked into SouthState Bank’s computer systems and accessed sensitive data on current and former customers.
“This information may have included: names, dates of birth, addresses, phone numbers, financial account numbers, and Social Security numbers.”
Members of the settlement class who provide documented proof of losses resulting from a data breach, such as fraud related to identity theft, will receive up to $3,500 each.
Prorated payments will also be delivered which will be determined by the number of total claims to data breach victims. The SouthState Bank Settlement Fund will also provide credit monitoring services that provide identity theft and fraud insurance coverage for all settlement class members.
To qualify for payments, victims must file a claim by June 15. The final approval hearing for the settlement is scheduled to take place on June 22. To object or opt out of the settlement, victims must submit a request stating their intentions by May 15.
Although it agreed to the settlement, SouthState Bank denies all claims made in the class action lawsuit, which was foot Weeks after the data breach.
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