FinWise Bank $2.8M Data Breach Class Action Settlement

Individuals in the United States whose personal information the FinWise Bank data breach compromised around May 31, 2024, may qualify to submit a claim for up to $5,000 from a class action settlement. The cybersecurity incident impacted an estimated 668,000 current and former account holders.

FinWise Bank, along with FinWise Bancorp and American First Finance, agreed to pay $2.8 million to settle a class action lawsuit filed after a May 2024 cyberattack. The plaintiffs claimed these companies failed to adequately protect private information during a data breach that exposed sensitive details, such as names, dates of birth, Social Security numbers and customer account numbers.

Who can file a claim for a data breach payout?

Class members are individuals residing in the United States whose private information the 2024 FinWise Bank data breach impacted, including those who received notice of the incident.

How much are settlement payments?

Class members have the following benefit options:

• Documented losses payment: Class members can claim up to $5,000 for losses fairly traceable to the data breach. This includes monetary losses due to identity theft or fraud and expenses such as costs for credit monitoring services and freezing/unfreezing credit and postage for contacting financial institutions.
• Cash fund payment: Class members who do not submit a documented losses claim can submit a claim to receive a pro rata cash payment from the net settlement fund after the settlement administrator pays all other claims and costs. The administrator will determine the final payment amount by the number of claims filed.
• Class members who were California residents at the time of the data breach may receive up to two times the cash fund payment amount.

• Credit monitoring: All class members can elect to receive two years of three-bureau credit monitoring services.

How to claim a class action payment

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

Settlement administrator's mailing address: FinWise Data Incident Settlement Administrator, PO Box 4390, Portland, OR 97208-4390

The claim deadline is Oct. 29, 2026.

Required proof and claim information

• To submit a claim online, class members must provide the unique ID and PIN from the settlement notice they received.
• To submit a documented losses claim, class members must provide supporting documentation, which may include receipts, bank or credit card statements showing unreimbursed fees or charges and other proof of identity theft or fraud.

Payout options

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

Settlement fund breakdown

The $2,800,000 settlement fund will include:

• Settlement administration costs: To be determined
• Attorneys' fees: Up to $933,333 plus expenses
• Service awards to class representatives: Up to $2,500 each
• Credit monitoring: Cost determined by number of claims filed
• Payments to eligible claimants: Remaining settlement funds

Important dates

• Exclusion deadline: Sept. 29, 2026
• Deadline to file a claim: Oct. 29, 2026
• Final approval hearing: Dec. 10, 2026

When is the FinWise data breach settlement payout date?

The settlement administrator will issue payments to approved claimants approximately 90 days after the court grants final approval of the settlement.

Why is there a class action settlement?

The class action lawsuit claimed FinWise Bank experienced a data breach that exposed customer information. The complaint alleged the defendants failed to adequately protect private information.

The defendants denied the allegations but agreed to settle to avoid the risk and expense of further litigation.

Sources

1. Claim form
2. Class notice
3. Settlement agreement
4. Settlement FAQ