$11.9 Million Evolve Bank & Trust Settlement Reached in Data Breach Lawsuit

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Evolve Bank & Trust has agreed to pay an $11.9 million settlement that, if approved by the court, will resolve multidistrict litigation over a 2024 data breach that impacted approximately 18 million people.

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The proposed class action settlement seeks to cover all United States residents who provided their private information to Evolve, directly or indirectly, and whose private information was included in files affected by the data incident.

The plaintiffs filed a memo detailing the terms of the $11,858,259.98 deal with Evolve on April 1, 2025. It is now up to the court to determine whether to grant preliminary approval to the data breach settlement agreement. If the deal receives preliminary court approval, notice of the settlement will be emailed to class members within 30 days following the date of approval, the plaintiffs’ memo says.

To receive an Evolve Bank & Trust settlement payout, class members must submit a valid, timely claim form online through the court-approved settlement website once it is launched, or by mail.

ClassAction.org will update this page if and when the official Evolve Bank & Trust settlement website is established.

Class members can file a claim form to receive up to $3,000 in reimbursement for out-of-pocket losses incurred as a result of the Evolve Bank & Trust data breach. Claim forms must be submitted with supporting documentation.

Alternatively, class members can submit a claim form to receive a pro-rated cash payment estimated to be around $20. The final amounts for both reimbursement and flat cash payments may increase or decrease depending on how many valid claims are submitted, court documents share.

Covered individuals may also elect to enroll in one year of credit monitoring and identity theft insurance coverage.

Related Reading: Evolve Bank & Trust Data Breach Lawsuit Filed After Cybercriminals Reportedly Steal Consumer Info

According to one lawsuit initially filed against Evolve, cybercriminals were able to infiltrate the bank’s information systems due to its alleged failure to use industry-standard cybersecurity practices. The settlement agreement claims the breach, which occurred in February and May 2024, may have compromised the names, dates of birth, Social Security numbers, driver’s license numbers, bank account numbers and contact information of Evolve’s personal banking customers and its fintech partners’ customers. As part of the class action settlement, Evolve has agreed to implement certain cybersecurity practices to further secure its systems from unauthorized access.

Court documents indicate that at least 34 separate cases filed over the Evolve data breach were consolidated into multidistrict litigation beginning in October 2024.

Did you know that some class action settlements require no proof to submit a claim? Check out the latest class action settlements.