Evolve Bank & Trust reached an $11.85 million settlement to resolve a consolidated multidistrict litigation (MDL) involving more than 34 individual lawsuits following a massive 2024 ransomware attack. The breach, attributed to the cybercriminal organization LockBit, occurred between February and May 2024 after an employee inadvertently clicked a malicious link. The incident exposed the sensitive "Private Information" of approximately 18 million individuals, including personal banking customers and customers of various fintech partners like Mercury, Affirm, and Mastercard. Compromised data included full names, Social Security numbers, bank account numbers, dates of birth, and contact information.
Who Was Eligible for the Evolve Bank Settlement?
The settlement was designed to provide restitution to a nationwide class of individuals whose data was managed by Evolve during the breach.
- Affected Class: United States residents who provided private information to Evolve Bank & Trust, either directly or indirectly through fintech partners, and whose data was included in the impacted files.
- Notification: Evolve began notifying affected individuals on June 26, 2024, following their refusal to pay the threat actor's ransom demand.
- Fintech Impact: Because Evolve provides "Open Banking" services, the class included customers of numerous partner financial technology companies.
Final Compensation Tiers and Awards
The settlement fund provided both monetary reimbursement and protective services for valid claimants.
- Documented Loss Reimbursement: Class members were eligible to claim up to $3,000 for documented out-of-pocket losses incurred as a result of the data breach.
- Flat Cash Payment: Alternatively, class members could elect to receive a pro-rated flat cash payment, initially estimated to be approximately $20.
- Pro Rata Adjustments: Both payout types were subject to pro rata increases or decreases depending on the total volume of valid claims submitted.
- Credit Monitoring: All class members, regardless of whether they submitted a cash claim, were eligible to enroll in one year of free credit monitoring and identity theft insurance valued at $110.
Case Conclusion and Payout Status
The legal proceedings moved through the final court phases in late 2025.
- Claim Deadline: The final deadline to submit a valid claim form online or via mail was October 30, 2025.
- Final Approval: The court held the Final Approval Hearing on November 14, 2025, to decide whether to formally approve the $11.85 million deal.
- Payment Distribution: Following the court's final approval and the resolution of any potential appeals, the administrator will begin distributing cash payments and monitoring codes to approved class members.
