Evolve Bank & Trust Data Breach Settlement: $3.78M

Anyone in the U.S. who provided their personal information—directly or through a third party—to Evolve Bank & Trust and whose information was part of the 2024 data breach affecting company files.

To claim reimbursement: Documentation of breach-related losses, such as bank or credit card statements, identity theft reports, police reports, or receipts.

Evolve Bank & Trust has agreed to a $3.78 million class action settlement to resolve allegations that it failed to safeguard personal data, leading to a cybersecurity incident in 2024. The breach, discovered in July 2024, reportedly took place in both February and May and exposed highly sensitive customer information including Social Security numbers and financial account details.

The lawsuit alleged that Evolve could have prevented the breach with proper cybersecurity protocols. Plaintiffs claimed the breach left them vulnerable to identity theft, fraud, and other financial losses.

Without admitting liability, Evolve Bank & Trust agreed to the settlement to resolve all claims and avoid ongoing litigation.

What Class Members Can Receive

Eligible individuals may receive:

• Reimbursement for Out-of-Pocket Losses: Up to $3,000 for documented expenses resulting from the data breach. This may include identity theft losses, fraudulent charges, credit monitoring costs, and related expenses.

• Flat-Rate Cash Payment: $20 for class members who do not have documentation of specific losses.

• Free Credit Monitoring: All class members can enroll in one year of credit monitoring services valued at $90. Coverage includes real-time alerts, dark web scanning, and up to $1 million in identity theft insurance.