$12,500 up for grabs: Bank’s $5.2 million data settlement — check if you got the notice

A major bank is offering money after a data breach, and some people could get up to $12,500. The bank involved is Cadence Bank, which was accused of not protecting private customer data properly. Customers said their personal details like Social Security numbers were accessed in a MOVEit data breach. MOVEit is a file transfer software used by the bank to send sensitive information.

The data breach happened from May 28 to May 31, 2023. It affected Cadence Bank and other companies that were using MOVEit, as stated by The Sun. Customers were told about the breach in September 2023. People said the bank could have used stronger security to stop the breach. The bank said it did nothing wrong. But the bank agreed to pay $5.2 million to settle the case. People who can get money from the settlement already received notices from administrators.

How much money you can get

People with ordinary losses can claim up to $2,500. Ordinary losses include bank fees, communication costs, and credit expenses. Claimants can also get paid for up to four hours of time spent dealing with the breach at $25 per hour, totaling $100.


People with extraordinary losses like unreimbursed money, professional fees, or credit repair costs can claim up to $10,000, as noted by The Sun. To reach the maximum $12,500, claimants must provide proof like bank statements, receipts, or invoices. Those with no financial losses can still get a one-time $100 payment. All eligible members will also receive two years of free credit monitoring and identity theft protection.

Important deadlines

Claim forms must be submitted by June 4, or people will miss the payment. The deadline to exclude yourself from the settlement is May 5. A final approval hearing is scheduled for July 9, 2026, as cited by The Sun. Payments will be sent after the court gives final approval.

What this type of case means

A class action lawsuit allows a large group of people to sue together. Usually, one or a few people file the case for many others with similar complaints. Companies often settle to avoid long legal battles and costs. People who accept settlement money usually give up the right to sue again. If you got a notice, check it fast — you could be eligible for cash, free monitoring, and compensation.

FAQs

Q1. Who can get money from the Cadence Bank data breach settlement?

People who got a notice saying their data was affected in the 2023 MOVEit breach linked to Cadence Bank can file a claim.

Q2. How much money can you receive from the Cadence Bank settlement?

Eligible claimants can get from $100 up to $12,500 depending on losses and proof submitted.