Overview
Evolve Bank & Trust has agreed to pay $11,858,259.98 to settle a class action lawsuit stemming from data breaches in February and May 2024. The breaches allegedly exposed personal information due to insufficient data security measures.
Individuals whose data was affected may be eligible to claim up to $3,000, along with one year of credit monitoring.
Who Is Eligible?
To qualify for a payment, you must:
- Be a resident of the United States.
- Have provided your personal information to Evolve Bank & Trust either:
- Directly as a customer, or
- Indirectly through a financial technology company partnered with Evolve, such as via Synapse Financial Technologies Inc.
- Have had your information included in the files compromised in the 2024 data breaches.
Information potentially exposed includes:
- Full name
- Date of birth
- Social Security number
- Driver’s license number
- Bank account number
- Contact information
If you received a breach notification from Evolve Bank & Trust, you are likely included in the class.
Settlement Benefits
Eligible individuals can choose from the following options:
- Cash Payment A – Documented Losses:
Claim up to $3,000 for documented losses related to the breach. Supporting documentation is required. - Cash Payment B – Flat Rate:
If you do not have documentation or prefer not to submit it, you can receive an estimated $20 flat payment. - Credit Monitoring:
All claimants may choose to receive one year of credit monitoring, including identity theft protection and up to $1 million in insurance. The estimated retail value of this service is $110.
The total payout amounts will be adjusted based on the number of valid claims. If there are fewer claims, payments may be increased. If there are more, payments may be reduced.
How to File a Claim
You can submit your claim in one of two ways:
- Online through the official settlement website.
- By mail by printing and sending a completed claim form to:
In Re: Evolve Bank & Trust Customer Data Security Breach Litigation
c/o Kroll Settlement Administration LLC
P.O. Box 225391
New York, NY 10150-5391
The deadline to file a claim is October 30, 2025.
What Documentation Is Required?
- All claimants must provide the Class Member ID found in their settlement notice. If you do not have one, contact the settlement administrator.
- For Cash Payment A, you must submit third-party documentation showing financial losses or expenses caused by the breach. Acceptable documents include:
- Receipts
- Bills
- Bank or credit statements
- Official communications related to fraud or identity theft
Self-prepared documentation alone is not sufficient but can be used to supplement other evidence.
Payment Methods
- Electronic transfer (for online claims only)
- Paper check mailed to the address you provide
Breakdown of the $11.9 Million Settlement Fund
- Attorneys’ fees: Up to $3,789,475.79
- Attorneys’ expenses: To be determined
- Administrative costs: To be determined
- Service awards: Up to $2,500 per class representative
- Payments to class members: Remainder of the fund
Important Dates
- Opt-out deadline: October 15, 2025
- Claim filing deadline: October 30, 2025
- Final approval hearing: November 14, 2025
When Will Payments Be Issued?
Payments will be made after the court grants final approval of the settlement and any appeals have been resolved. This process may take several months.
Why Was There a Settlement?
The lawsuit alleged that Evolve Bank & Trust failed to implement adequate cybersecurity protections, allowing unauthorized parties to access sensitive customer information. The plaintiffs claimed the bank’s security failures led to identity theft risks and out-of-pocket expenses.
While Evolve denies any wrongdoing, it agreed to settle the case to avoid prolonged litigation and provide compensation to those potentially impacted.
Sources
- Official settlement notice
- Settlement agreement
- Frequently Asked Questions (FAQ) from the settlement website
Settlement Status: Open for Claims
Award Range: $20 – $3,000 + credit monitoring
Claim Deadline: October 30, 2025
Please be aware that your claim form will be rejected if it contains fraudulent information. By submitting your information and your sworn statement of its accuracy, you are agreeing to do so under penalty of perjury. Submitting false information not only jeopardizes your claim but also affects others who are genuinely eligible for the settlement. If you are uncertain about your eligibility for this class action settlement, please visit the class action administrator’s website for more information. Note that NoProofClassActions.org participates in the Amazon affiliate advertising program, and this post may include affiliate links, which could result in us earning a commission if you make a purchase through those links.
