A US bank has agreed to pay hundreds of thousands of dollars to settle a class action lawsuit accusing the lender of failing to properly secure customer data.
According to the settlement administrator’s portal, Summit National Bank will set up a $400,000 settlement fund that will be used to pay victims of a data breach that exposed customers’ personally identifying information, including full names, social security numbers, contact information and account numbers.
[adinserter block="1"]The breach happened when an unauthorized individual accessed a Summit National Bank email account between May 13th and May 16th of 2024. The Bank discovered suspicious activity within the email account on May 15th of 2024.
The settlement class members who suffered out-of-pocket losses that can be directly linked to the data breach and have the documentation to prove it stand to receive up to $5,000 as a settlement.
There will also be a cash payment, tentatively set at around $175, that will be determined on a pro rata basis.
The settlement class members also stand to receive free credit and identity theft monitoring services for three years as part of the deal.
Compensation claims must be submitted by February 17th of 2026. The final approval hearing will be held on April 21st of 2026.
Although Summit National Bank has agreed to the settlement, the lender denies any wrongdoing.
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