Bank Sending Up To $12,500 To Customers Following Major Data Breach That Affected 869,411 People

A bank in the US is settling with customers affected by a cybersecurity breach that exposed sensitive personal information.

According to new class action documents, Cadence Bank – a regional bank headquartered in the South – has agreed to a $5.25 million settlement over a data breach tied to vulnerabilities in the third-party file transfer software MOVEit, which was used by the bank and allowed cybercriminals to access customer data in May 2023.

Cadence Bank has set aside $5,250,000 in its settlement fund, with affected individuals eligible to receive up to $2,500 each for documented losses related to the breach.

“The settlement benefits plan outlines that class members who submit a claim form with documented proof of ordinary losses are eligible to receive a one-time cash payment of up to $2,500.”

According to the lawsuit, Cadence failed to adequately safeguard customer information after the MOVEit software it relied on was