The Bank of Canton is paying out to customers after a data breach exposed their personal information. A settlement has been reached that will see affected customers receive compensation.
Who Gets Paid?
The settlement covers current, former, and future customers of the Bank of Canton who were impacted by the breach. This includes anyone whose information was potentially compromised.
How Much Can Customers Get?
Customers can receive up to $2,500 for “ordinary losses” and up to $10,000 for “extraordinary losses.” To claim the higher amount, customers need to provide documentation proving their losses. Those who don’t want to provide documentation can receive a smaller, flat payment of $100.
The Data Breach
The breach happened around May 27, 2023, when hackers allegedly accessed a file transfer system used by one of the bank’s third-party vendors. The lawsuit claims this exposed sensitive customer data, including account numbers and Social Security numbers. The lawsuit was filed in November 2023.
Settlement Details
The Bank of Canton is paying $300,000 to settle the lawsuit. While settling, the bank denies any wrongdoing. Customers have until October 9th to file claims. A final court hearing is scheduled for October 21st in Massachusetts. Payments will be made after the judge approves the settlement.