Pending Approval: Evolve Bank $11.85M Data Breach Settlement

Evolve Bank & Trust

If you provided your personal information to Evolve Bank & Trust, either directly or indirectly, and your data was compromised in the data breach incidents of February and May 2024, you may be eligible to claim up to $3,000 from a class action settlement.

Evolve Bank & Trust has agreed to pay $11.85 million to resolve a class action lawsuit related to unauthorized access to its information systems. The lawsuit alleges that cybercriminals accessed and removed sensitive personal information, including names, birth dates, Social Security numbers, driver's license numbers, bank account numbers, and contact details.

This incident affected both personal banking customers of Evolve Bank & Trust and customers of financial technology companies ("Evolve FinTechs") partnered with Evolve Bank & Trust. Compromised information included birth dates, Social Security numbers, Driver's license numbers, bank account numbers, and contact information.

Who can file a claim for a data breach payout?

You are a class member if:

You reside in the United States and provided your personal information to Evolve Bank & Trust directly or indirectly through a financial technology partner such as Affirm, Dave, Mercury, and several others.

Personal banking customers of Evolve Bank & Trust
Customers of financial technology companies who received banking services from Evolve through Synapse Financial Technologies, Inc

Your personal information was included in the files compromised during the data breaches that occurred in February and May 2024.

How much is the class action settlement payment?

Class members can submit for one or more of the following options:

Cash Payment A – Documented Losses: Class members can claim up to $3,000 for documented losses directly related to the data breach. Proof such as receipts, invoices, or official records must be included.

Cash Payment B – Flat Cash Payment: Class members that do file a Documented Losses claim can submit for a pro rata cash payment estimated at $20. Payment amount will be determined by the number of claims filed.

Credit Monitoring Services: All class members can select to receive one year of free credit monitoring valued at approximately $100 per year. The services including real-time alerts and identity theft insurance up to $1,000,000.

How to claim an data breach settlement payout

To claim a class action rebate, class members must submit a claim form either online or by mail. The claim form will be made available on the settlement website once the court grants preliminary approval to the settlement.

Settlement Administrator's mailing address: In re Evolve Bank & Trust Customer Data Security Breach Litigation c/o Kroll Settlement Administration LLC, P.O. Box 225391, New York, NY 10150-5391

Is proof required to submit a claim?

Yes, class members that submit a Documented Losses claim must provide supporting documentation is required. This includes receipts, invoices, or official records such as bank or credit card statements showing monetary losses traceable to the data incidents.

Class action settlement payment options

Claimants will have these payment options to select from:

Digital payment
Paper check mailed to address provided

$11.85 Million data breach settlement fund

The settlement fund of $11,858,259.98 will include:

Settlement administration costs: To be determined
Attorneys' fees: Up to $3,952,753.34
Attorneys' expenses: To be presented to court at a later date
Service awards to class representatives: Up to $2,500 each
Credit monitoring services cost: Amount determined by the number of claims submitted
Payments to approved claimants: Remaining settlement fund balance after fees and costs

Important dates

Final Approval Hearing: To be announced
Deadline to File a Claim: To be announced

When is the Evolve Bank & Trust data breach settlement payout date?

Payments will be distributed after the court grants final approval and any appeals are resolved.

Why did this class action lawsuit happen?

The lawsuit was filed due to unauthorized access to Evolve Bank & Trust's systems, resulting in the compromise of customers' sensitive personal information. Evolve Bank & Trust denies wrongdoing, however agreed to settle to avoid the costs and delays associated with ongoing litigation and the possibility of a trial.