The asset management giant Fidelity is set to compensate customers that were impacted by a 2024 data breach.
According to a pending settlement, Fidelity is set to pay $2.5 million to settle a class action lawsuit that accuses the financial institution of inadequately protecting its computer systems.
In August 2024, hackers broke into Fidelity’s computer network and made off with customers’ personal information that may have included social security numbers, financial information, names, numbers and addresses, according to the lawsuit. A Fidelity forensic investigation confirmed the hack by a third party.
An estimated 155,000 customers were impacted by the data breach and are entitled to receive up to $5,000 for eligible reimbursements, such as losses due to identity theft, fees for credit reports, charges to replace IDs and the cost of gasoline to travel to and from banks or other locations to resolve identity theft issues.
All of those impacted may submit a claim for an estimated pro rata $100 cash payment.
Up to one-third of the funds is expected to pay for attorneys’ fees and up to $45,000 will go to reimburse costs of litigation. The proposed settlement requires final approval by a federal court judge.
As part of the settlement, Fidelity maintains it did not do anything wrong.
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