Summit National Bank $400,000 Data Breach Settlement

Consumers who received a notice from Summit National Bank in 2024 informing them a data breach may have compromised their personal information could be eligible to claim up to $5,000, a pro rata payment and credit monitoring from a class action settlement.

Summit National Bank agreed to pay up to $400,000 to resolve a class action lawsuit alleging it failed to implement and maintain reasonable security measures, which led to a data breach in May 2024. The breach exposed sensitive information, including names, addresses, Social Security numbers and financial account details.

Who can file a claim?

Class members must meet all of the following criteria:

• They reside in the United States.
• They received a direct notice from Summit National Bank stating the May 2024 data incident may have compromised their private information.

The class includes both current and former customers. The settlement administrator will verify each claimant's eligibility against a list of class members who received notice.

How much is the data breach payout?

Class members may be eligible for three types of awards:

• Out-of-pocket loss reimbursement: Up to $5,000 per class member for documented expenses, such as fraud-related losses, professional fees (including attorneys' fees, accountants' fees and credit repair service fees), costs to freeze or unfreeze credit, credit monitoring costs incurred after May 2024 and miscellaneous expenses like notary, postage, copying and mileage.
• Cash payment: Approximately $175 per class member but dependent on the number of valid claims and remaining settlement fund
• Credit monitoring: Three years of coverage from all three major credit bureaus

All payments are subject to pro rata adjustment, meaning the settlement administrator may increase or decrease the final amount depending on the number of claims and the total amount available in the settlement fund after deducting attorneys' fees, settlement administration costs and service awards.

How to claim a class action payment

Class members can file a claim online or download, print and complete a PDF claim form to mail to the settlement administrator. The claim deadline is Feb. 17, 2026.

Settlement administrator's mailing address: Purnell v. Summit National Bank Data Incident Litigation, c/o Atticus Administration, PO Box 64053, St. Paul, MN 55164

What proof or documentation is required to submit a claim?

• All class members must log in using the unique ID from the settlement notice they received. Those filing an online claim must also provide their last name to log in.
• Class members claiming reimbursement for out-of-pocket losses must provide documentation, such as receipts, bank statements or other third-party records supporting their claim.
• Class members claiming a pro rata payment and/or credit monitoring do not need to provide documentation but must select the appropriate option on the claim form.

Payout options

• Paper check (default)
• Electronic payment (online claims only)

$400,000 settlement fund breakdown

The $400,000 settlement fund covers:

• Settlement administration costs: To be determined
• Attorneys' fees: Up to $133,333.33
• Attorneys' expenses: Up to $15,000
• Service award to class representative: Up to $4,000
• Credit and identity theft monitoring: Cost dependent on number of valid claims
• Payments to eligible class members: Remainder of the fund

Important dates

• Opt-out deadline: Jan. 20, 2026
• Deadline to file a claim: Feb. 17, 2026
• Final approval hearing: April 21, 2026

When is the Purnell v. Summit National Bank payout date?

The settlement administrator will issue payments to eligible class members after the court resolves any appeals and grants final approval to the settlement.

Why is there a class action settlement?

The class action lawsuit alleged that Summit National Bank failed to implement adequate security measures to protect customers' private information, resulting in a data breach in May 2024.

Summit National Bank denies any wrongdoing but agreed to settle to avoid the risks and costs of ongoing litigation and to provide compensation to affected individuals.

Sources

1. Class notice
2. Claim form
3. Official settlement
4. Settlement FAQ