$1.1M-Plus Ingo Money Settlement Aims to Resolve Data Breach Lawsuit Over 2023 Cyberattack
Corona-Cantu v. Ingo Money, Inc.
Filed: July 8, 2024 ◆§ 1:24-cv-03023
A class action claims Ingo Money's negligent cybersecurity resulted in a 2023 data breach that compromised the information of clients’ customers.
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.
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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.
The plaintiff first notified the court of the agreement with Ingo Money on November 26, 2024. Weeks later, on December 17, the plaintiff filed an unopposed motion detailing the terms of the $1,178,880 deal.
The parties now await preliminary approval of the settlement terms from Untied States District Judge Mark H. Cohen.
Related Reading: Fintech Firm Ingo Money Facing Class Action Lawsuit Over Reported Data Breach Announced in June 2024
If the deal is initially approved by the court, class members who submit a timely, valid claim form may be 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.
To receive an Ingo Money settlement payout, class members must submit a claim form by mail or online through the official settlement website once it is launched.
ClassAction.org will update this page when the official Ingo Money settlement website is established.
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.
According to the agreement, notice of the Ingo Money class action settlement will be issued by mail or email within 30 days after the deal receives preliminary approval.
Head to ClassAction.org’s settlements page for a complete list of data breach settlements.
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