Cinfed Federal Credit Union Data Breach Settlement: $700K

Individuals whose personal information, including Social Security numbers and financial details, was compromised during the Cinfed Federal Credit Union data breach from Sept. 22-25, 2023.

Documentation required for reimbursement claims includes:

• Bank statements
• Credit reports
• Receipts
• Invoices
• Bills

Cinfed Federal Credit Union has agreed to pay $700,000 to resolve claims stemming from a September 2023 data breach that compromised sensitive consumer information. Plaintiffs allege that the credit union failed to implement reasonable cybersecurity measures, allowing an unauthorized third party to access personal data, including Social Security numbers and financial information.

Cinfed, a member-owned financial institution based in Cincinnati, Ohio, denies any wrongdoing but has agreed to the settlement to avoid prolonged litigation.

Compensation Details

Eligible class members can receive the following benefits:

1. Reimbursement for Documented Losses:

   • Up to $5,000 for expenses related to the data breach, including:
     • Unreimbursed fraud or identity theft losses
     • Professional fees
     • Credit expenses
     • Transportation costs
     • Miscellaneous expenses linked to the data breach

2. Pro Rata Cash Payment:

   • Estimated at $65 but may vary depending on the number of claims filed.

Submit a valid claim form by Jan. 8, 2025, with the necessary documentation to receive settlement benefits.