Cadence Bank $5.25M MOVEit Data Breach Class Action Settlement

Current and former Cadence Bank customers who received a notice informing them the MOVEit data breach may have compromised their personally identifying information could qualify to submit a claim for up to $12,500 from a class action settlement.

Cadence Bank agreed to pay $5.25 million to settle a class action lawsuit alleging the bank neglected its data security practices, leading to a breach of customer information through the MOVEit file transfer application in May 2023.

The MOVEit data breach impacted more than 2,500 private and government entities and an estimated 90 million individuals. The cybersecurity incident impacted an estimated 869,411 individuals associated with Cadence Bank.

Who can file a claim for a MOVEit data breach payout?

Class members are individuals who received a notification from Cadence Bank around Sept. 15, 2023, stating the MOVEit data breach, which occurred between May 28 and May 31, 2023, affects their PII.

How much will settlement payments be?

Class members have the following benefit options:

• Ordinary losses: Class members can claim up to $2,500 for documented, unreimbursed out-of-pocket expenses. This may include bank or credit card fees, postage, gas for local travel, fees for credit reports or monitoring and up to four hours of lost time at $25 per hour for a maximum of $100.
• Extraordinary losses: Class members can claim up to $10,000 for documented, unreimbursed monetary losses the data breach most likely caused. This includes professional fees, such as attorneys’ or accountants’ fees, fees for credit repair services and other losses due to fraud or identity theft.
• Alternative cash payment: Class members who do not submit claims for ordinary or extraordinary losses can submit a claim to receive a pro rata cash payment estimated at $100 but up to $1,000. The settlement administrator will determine the final payment amount by the total number of claims filed.
• Credit monitoring and identity theft protection: All class members can elect to receive two years of three-bureau credit monitoring, dark web monitoring and $1 million in identity theft insurance with access to fraud resolution and identity theft restoration agents.

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 to the settlement administrator.

Settlement administrator's mailing address: MOVEit Cadence Bank Data Breach, c/o Settlement Administrator, P.O. Box 25226, Santa Ana, CA 92799-9834

The claim deadline is June 4, 2026.

Required proof and claim information

• Online claims require the unique ID and PIN from the settlement notice the class member received.
• Ordinary losses claims require supporting documentation, such as receipts, statements or invoices.
• Extraordinary losses claims require supporting documentation showing the amount, date and nature of the monetary loss. This may include bank or credit card statements showing fraudulent charges, invoices, police reports and other proof of identity theft or fraud.

Payout options

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

$5.25 million MOVEit data breach settlement fund

The $5,250,000 settlement fund will include:

• Settlement administration costs: At least $250,000
• Attorneys' fees: Up to $1,732,500
• Attorneys' expenses: To be presented to the court for approval at a later date
• Service award to class representative: Up to $2,500
• Payments to approved claimants: Remaining settlement funds

Important dates

• Deadline to file a claim: June 4, 2026
• Final approval hearing: July 9, 2026

When is the MOVEit Cadence Bank settlement payout date?

The settlement administrator will issue payments and credit monitoring information 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 alleged cybercriminals gained unauthorized access to the MOVEit file transfer application Cadence Bank used, potentially exposing customer PII.

Cadence Bank denies the allegations but agreed to settle to avoid the expense and risks of continued litigation. It also agreed to invest at least $3,500,000 data security enhancements.

Sources

1. Settlement website
2. Class notice
3. Claim form