$2.8M FinWise Bank Data Breach Class Action Settlement
Case Overview
FinWise Bank, FinWise Bancorp, and American First Finance entered into a settlement agreement to resolve allegations stemming from a data breach that occurred around May 31, 2024. This financial institution, based in Utah, was accused of failing to implement adequate cybersecurity measures to prevent the compromise of sensitive consumer data.
Consumers initiated legal action against the defendants, asserting that the companies were responsible for the breach because they could have prevented it using reasonable cybersecurity protocols. The claims center on the alleged failure to protect private consumer information, and the defendants have not admitted any wrongdoing in agreeing to the $2.8 million class action settlement.
Class members can receive a cash payment for documented losses, up to $5,000, which can cover expenses like unreimbursed fraud or credit monitoring costs. Those without documented losses can receive a proportional share of the fund. To participate, class members must submit a valid claim form by October 29, 2026, and the settlement website is provided for details.
Who May Qualify
Individuals whose private information was affected by the FinWise Bank data breach on or around May 31, 2024, including those who received a notice of the data breach.
Frequently Asked Questions
Who is eligible for this settlement?
The settlement benefits individuals whose private information was compromised by the FinWise Bank data breach that occurred around May 31, 2024. This includes people who received a notice regarding the data breach.
What can class members receive?
Class members can receive a cash payment for documented losses, which can amount to up to $5,000. Alternatively, those without documented losses can receive a proportional share of the settlement fund. California residents may be entitled to double the cash fund payment.
What are the key dates for filing a claim?
The deadline for class members to submit a valid claim form is October 29, 2026. The final approval hearing for the settlement is scheduled for December 10, 2026.
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