Cinfed $700,000 Data Breach Settlement: Payout Info & Dates

If you were notified that your private information was potentially compromised in the Cinfed Federal Credit Union data breach, you may be eligible to claim up to $5,000 from a class action settlement.

Cinfed Federal Credit Union has agreed to pay $700,000 to settle a class action lawsuit following a cyberattack that allegedly exposed sensitive customer data, including names, social security numbers, and financial information.

Who can file a claim?

You are a class member if:

• You must reside in the United States
• Your private information must have been affected by the data breach
• You received a notice letter from Cinfed informing you of the data breach

If you meet these conditions, you are considered a class member and can participate in the settlement. However, if you are unsure about your eligibility, you can contact the settlement administrator for further clarification.

How much can class members get?

• Pro-Rata Cash Payment: Initially estimated at $65, this amount may be adjusted based on the number of valid claims and the remaining balance in the settlement fund after other expenses are covered.
• Out-of-Pocket Expenses: Reimbursement for documented expenses up to $5,000 related to the breach, such as costs for credit monitoring or professional fees.

If the number of claims exceeds the available funds, payments will be prorated. Conversely, if fewer claims are made, the payment amount may increase.

How to claim an award

To claim an award, you must submit a claim form. You can file a claim online or mail a completed paper claim form to the settlement administrator.

$700k settlement fund

The settlement fund of $700,000 will cover various expenses, including:

• Payments to class members for valid claims.
• Attorneys' fees up to $233,333.33.
• Litigation expenses not exceeding $15,000.
• Administrative costs for managing the settlement.

Important dates

• Notification Mailing: October 10, 2024
• Opt-Out Deadline: December 10, 2024
• Deadline to File a Claim: January 8, 2025
• Final Approval Hearing: February 11, 2025

When is the Cinfed Data Breach payout date?

After the final approval hearing on February 11, 2025, if the settlement is approved, payments will be processed and distributed to eligible claimants.

Why was there a class action settlement?

The lawsuit alleges that Cinfed was negligent in protecting customer data, leading to unauthorized access by third parties. The settlement aims to compensate affected individuals and avoid further litigation costs.