Fidelity’s wealth management group is set to pay customers affected by a data breach in 2024.
According to the expectations to solveFidelity must pay $2.5 million to settle a class action lawsuit accusing the financial institution of not adequately protecting its computers.
In August 2024, hackers broke into Fidelity’s computer network and modified customer information that may have included social security numbers, financial information, names, numbers and addresses, according to the lawsuit. Fidelity’s investigation confirmed the hack by a third party.
About 155,000 customers were affected by the data breach and are entitled to up to $5,000 in compensation for eligible expenses, such as losses due to identity theft, credit reporting fees, ID replacement fees and the cost of travel to banks or other locations to resolve the theft.
All those involved can submit a $100 bond.
Up to one-third of the money is expected to cover attorneys’ fees and up to $45,000 will cover legal costs. The decision requires final approval by a federal court judge.
As part of the settlement, Fidelity maintains that it did nothing wrong.
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