The multi-billion dollar bank has agreed to pay $1.5 million to current and former customers affected by the data breach.
According to the portal administrator’s portal, Florida-based South State Bank said he agreed to establish a $1.5 million fund to compensate victims of the data breach that occurred on February 7, 2024.
A cybersecurity incident occurred when an unauthorized party breached SouthState Bank’s computers and obtained information about current and former customers.
“This information may include: names, dates of birth, addresses, telephone numbers, financial account numbers, and Social Security numbers.”
Class members who provide evidence of losses incurred as a result of a data breach, such as fraud-related theft, will receive up to $3,500 each.
Pro rata compensation that will be determined by the amount of all claims will also be paid to those affected by the data breach. The SouthState Bank Settlement Fund will also provide credit monitoring services that provide insurance against identity theft and fraud to all members of the settlement group.
In order to receive the payment, the victims must pay the interest by June 15th. The final approval of the decision will take place on June 22nd. In order to challenge or opt out of the agreement, victims must submit a statement of intent by May 15th.
Despite accepting the settlement, SouthState Bank is denying all claims filed in the class action lawsuit, which it was. filed weeks after the data breach.
Follow us X, Facebook and Telegram
Don’t Miss Out – Sign up to receive email notifications straight to your inbox
Swimming The Daily Hodl Mix
 
Disclaimer: The views expressed in Daily Hodl are not financial advice. Investors should do their due diligence before making any risky investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and transactions are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend buying or selling any assets including cryptocurrencies, nor is The Daily Hodl a financial advisor. Please note that The Daily Hodl participates in affiliate marketing.
Image Created: Midjourney
