$1.1M-Plus Ingo Money Settlement Aims to Resolve Data Breach Lawsuit Over 2023 Cyberattack

New to ClassAction.org? Read our Newswire Disclaimer

Fintech company Ingo Money has agreed to pay a more than $1.1 million settlement that, if approved by the court, will resolve a proposed class action lawsuit over a November 2023 data breach.

Don’t miss the next class action settlement deadline. Sign up for ClassAction.org’s free weekly newsletter.

An official website for the deal can be found at IMDataSettlement.com.

The proposed data breach settlement with Ingo Money aims to cover a class of roughly 29,472 United States residents who received notice of the data security incident from the company via mail or email in or around late June, early July or early August 2024.

The lawsuit against Ingo Money, filed in July of last year, alleged that negligent cybersecurity on the company’s part resulted in a breach of its computer systems in early November 2023. According to the data breach lawsuit, the cyberattack compromised the names, Social Security numbers, financial account information, driver’s license numbers and addresses of current and former Ingo Money customers.

Related Reading: Fintech Firm Ingo Money Facing Class Action Lawsuit Over Reported Data Breach Announced in June 2024

To receive an Ingo Money settlement payout, class members must submit a claim form online or by mail by May 15, 2025.

You can file a claim form online by heading to this page and entering the notice ID and confirmation code located in the personalized settlement notice you may have received.

Class members who submit a timely, valid claim form are eligible to receive up to $5,000 per person for out-of-pocket expenses that are supported by documentation and reasonably traceable to the data breach, the settlement agreement relays.

Alternatively, class members can elect to receive a pro-rated cash payout, the agreement says. Individual payment amounts will depend on the total number of valid claims that are submitted, among other factors, the document adds.

Per the agreement, class members may also file a claim to receive three years of complimentary credit monitoring and insurance services, regardless of whether they opt for one of the aforementioned cash benefits.

Settlement benefits will be sent to claimants only after the deal receives final approval from the court and any appeals are resolved. A final approval hearing is set for June 17, 2025.

As part of the deal, the company has also agreed to take steps to enhance its cybersecurity in response to the incident, the settlement agreement states. These data security changes will have a value of $350,000, the document notes.

Head to ClassAction.org’s settlements page for a complete list of data breach settlements.