Fidelity, a giant in asset management, is to reimburse customers who were affected by the 2024 breach of data.
Fidelity will pay $2.5M to settle an ongoing class-action lawsuit accusing the financial institution for inadequately protecting their computer systems.
According to the lawsuit, in August 2024 hackers broke into Fidelity’s computer network, stealing personal data from customers. This information may include social security numbers, financial details, names, phone numbers and addresses. Fidelity’s forensic investigation verified the hack.
The data breach affected approximately 155,000 people. They are eligible for up to $5,000 in reimbursements for losses caused by identity theft. This includes fees to obtain credit reports, costs to replace IDs, and gasoline expenses to get to or from the bank to address identity theft.
All those affected may claim an estimated $100 in cash.
A third of the money will be used to cover attorney’s fees, and up to $45 000 to cover litigation costs. Final approval of the proposed settlement is required by a judge in federal court.
Fidelity says that it has not done anything wrong as part of this settlement.
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This article Fidelity Handing Up to $5,000 Per Person To Settle Data Breach Incident that Impacted 150, 000 People first appeared on The ICD.
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