An US lender has agreed to pay millions of dollars to settle a class action lawsuit over a data breach and cyberattack targeting the financial firm’s computer systems.
According to the settlement administrator’s portal, the Communication Federal Credit Union will pay $2.9 million to settle the suit filed after documents containing private information were accessed by unauthorized parties between December 31st of 2023 and January 11th of 2024.
“These files may have contained personal information such as names, dates of birth, addresses, Social Security numbers, driver’s license numbers, bank account information and bank card numbers.”
Settlement class members may receive up to $7,500 each for the documented out-of-pocket losses they incurred as a result of the data breach.
Alternatively, class members can claim a cash payment of around $125, which will be determined on a pro rata basis and will not require any proof of the losses suffered following the data breach.
Besides the two options of cash payments, the settlement class members are eligible to receive free identity theft protection and credit monitoring services for three years.
Claims must be submitted by December 22nd. The final approval hearing will be held on January 7th of 2026.
Although the Oklahoma-based firm agreed to the settlement, the company denies any wrongdoing and the courts have not made a determination on the matter.
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