Evolve Bank & Trust $11.9M Data Breach Settlement

Evolve Bank & Trust

Class members whose private information was affected by a 2024 data breach may qualify to claim up to $3,000 plus one year of credit monitoring from a class action settlement.

Evolve Bank & Trust agreed to pay $11,858,259.98 to settle a class action lawsuit alleging it failed to protect customer data, which resulted in unauthorized access and theft of sensitive personal information during cyberattacks in February and May 2024.

Who can file an Evolve Bank & Trust claim?

Class members must meet the following criteria:

They are a person in the United States.
They provided their private information to Evolve Bank & Trust either directly as a personal banking customer or indirectly through a financial technology company that partnered with Evolve (including those who used services via Synapse Financial Technologies Inc.).
Their private information was included in files affected by the February and May 2024 data breach.

The exposed information may include:

Names
Dates of birth
Social Security numbers
Driver’s license numbers
Bank account numbers
Contact information

Consumers who received a notification from Evolve Bank & Trust regarding the breach most likely qualify a class member.

How much is the data breach payout?

Class members can claim one of two cash payment options in addition to one year of credit monitoring:

Cash payment A – documented losses: Class members may claim up to $3,000 with reasonable documentation of losses related to the data breach.
Cash payment B – flat cash payment: Class members who do not have documented losses or prefer not to submit documentation may opt for a flat cash payment estimated at $20.
Credit monitoring: Regardless of which cash payment class members choose, class members may also elect to receive one year of credit monitoring. This includes real-time alerts and up to $1,000,000 in identity theft insurance. The official settlement website values this benefit at $110.

The total amount available for payments is limited by the settlement fund. If the total value of valid claims is less than the settlement fund, payments may be increased proportionally (pro rata). Conversely, if the total value of valid claims exceeds the available funds, payments will be reduced pro rata.

How to claim a class action rebate

Class members can either file an online claim form or download and print the PDF claim form, fill it out and mail it to the settlement administrator. The claim deadline is Oct. 30, 2025.

Settlement administrator's mailing address: 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

Are proof and documentation required to submit a claim?

All class members must provide the class member ID located on their settlement notice. Those who do not have a class member ID should contact the settlement administrator.
For cash payment A (documented losses), class members must submit reasonable documentation showing their losses were most likely caused by the data breach. Acceptable documentation includes receipts, bills or other third-party records showing expenses, such as identity theft protection services, fraudulent charges or other out-of-pocket costs. Self-prepared documents alone are not sufficient but may supplement other documentation.

Payout options

Electronic transfer (online claims only)
Paper check

$11.9 million cybersecurity settlement fund breakdown

The $11,858,259.98 settlement fund includes:

Settlement administration costs: To be determined
Attorneys' fees: Up to $3,789,475.79
Attorneys' expenses: To be determined
Service awards to class representatives: Up to $2,500 each
Payments to eligible class members: The remainder of the fund

Important dates

Deadline to opt out: Oc. 15, 2025
Deadline to file a claim: Oct. 30, 2025
Final approval hearing: Nov. 14, 2025

When is the Evolve Bank & Trust settlement payout date?

Payments to class members will be made after the court grants final approval of the settlement and any appeals are resolved.

Why did this class action settlement happen?

The class action lawsuit alleged Evolve Bank & Trust failed to adequately protect customer data, leading to a data breach in February and May 2024. Cybercriminals accessed and exfiltrated sensitive personal information, including names, Social Security numbers and bank account details.

While Evolve Bank & Trust denies any wrongdoing, both sides agreed to settle to avoid the risks and costs of continued litigation and to provide timely benefits to those affected.