Abbott Laboratories Employees Credit Union Data Breach Settlement

Individuals who received a notice that the August 2024 Abbott Laboratories Employees Credit Union data breach may have compromised their personal information could qualify to submit a claim for up to $2,500 from a class action settlement. The cybersecurity incident impacted an estimated 36,044 current and former customers and other individuals.

Abbott Laboratories Employees Credit Union agreed to settle a class action lawsuit claiming a targeted cyberattack in August 2024 exposed sensitive personal information, including names, financial account details and Social Security numbers.

Who can file a claim for a data breach payout?

Class members are individuals residing in the United States whom Abbott Laboratories Employees Credit Union sent a notice stating the data incident it discovered on or about Aug. 2, 2024, potentially compromised their personal information.

How much are settlement payments?

Class members have the following benefit options:

• Reimbursement for out-of-pocket losses: Class members can claim up to $2,500 for documented losses traceable to the data breach that occurred between Aug. 2, 2024, and Sept. 3, 2026. Eligible losses include monetary losses due to identity theft or fraud; fees for credit reports, credit monitoring and freezing/unfreezing credit; costs to replace government IDs; and postage to contact financial institutions.
• Pro rata cash payment: All class members can also submit a claim to receive a pro rata cash payment from a $150,000 fund. The settlement administrator will determine the final payment amount by the number of claims filed.
• Financial monitoring services: All class members can enroll in two years of CyEx Financial Shield Pro. Services include monitoring for identity theft, unauthorized financial transactions and personal information associated with high-risk transactions and $1 million of financial fraud insurance. Class members do not need to submit a claim form to receive this benefit.

How to claim a class action rebate

To receive a settlement payment, class members can file a claim online or print the PDF claim form to complete and mail or email to the settlement administrator.

Settlement administrator's mailing address: ALEC Data Incident Settlement, c/o Settlement Administrator, P.O. Box 25226, Santa Ana, CA 92799-9958

Settlement administrator's email address: info@ALECDataSettlement.com

The claim deadline is Sept. 3, 2026.

Required proof and claim information

• Online claims require the login ID and PIN from the official settlement notice they received..
• Out-of-pocket loss reimbursement claims require supporting documentation, which may include receipts, invoices, bank or credit statements showing unreimbursed fees or fraudulent charges and other proof of identity theft or fraud.

Payout options

• PayPal
• Venmo
• Zelle
• Paper check mailed to the address provided

Settlement fund breakdown

The settlement fund will include:

• Settlement administration costs: To be determined
• Attorneys' fees and costs: Up to $250,000
• Service awards to class representatives: Up to $2,000 each ($18,000 total)
• Financial monitoring services: Up to $8,300
• Reimbursement for out-of-pocket losses: Total determined by number of valid claims filed
• Pro rata cash payments: $150,000

Important dates

• Opt-out deadline: Aug. 4, 2026
• Claim deadline: Sept. 3, 2026
• Final approval hearing: Sept. 18, 2026

When is the ALEC data breach settlement payout date?

The settlement administrator will issue payments to approved claimants after it completes claim processing and the court grants final approval of the settlement.

Why did this class action settlement happen?

The class action lawsuit claimed Abbott Laboratories Employees Credit Union experienced a targeted cyberattack in August 2024, which resulted in unauthorized access to files containing personal information. The plaintiffs alleged ALEC failed to adequately protect this information.

ALEC denies the allegations but agreed to settle to avoid the expense and uncertainty of continued litigation.

Sources

1. Settlement notice
2. Settlement website FAQ
3. Settlement claim form