Cadence Bank Reaches $5.25 Million MOVEit Data Breach Settlement with Claims up to $10,000
Published
Key Takeaways
- Settlement Fund: Cadence Bank has agreed to a $5.25 million settlement to resolve claims related to the May 2023 MOVEit data breach.
- Affected Individuals: The class action impacts approximately 869,411 individuals whose personally identifying information was compromised and who received a notification from the bank.
- Claim Options: Eligible class members can claim up to $12,500 for documented losses or opt for an alternative cash payment and credit monitoring services.
Cadence Bank has agreed to a $5.25 million settlement to resolve a class action lawsuit stemming from a large-scale MOVEit data breach. Cadence Bank identified that 869,411 of its current and former customers were impacted. Individuals who received a notification letter from Cadence Bank around September 15, 2023, are considered class members and are eligible to file data breach claims.Â
The lawsuit alleged that the bank's inadequate data security practices led to the compromise of customer information through the MOVEit file transfer application. While the bank denies any wrongdoing, it has agreed to the cybersecurity settlement to avoid further litigation.
Cadence Bank Compensation Eligibility
The Cadence Bank data breach settlement offers several compensation tiers. The incident, which occurred between May 28 and May 31, 2023, was part of a widespread campaign that affected over 2,500 organizations and an estimated 90 million people globally.Â
Reports say claimants can seek reimbursement for:
- Extraordinary Losses – up to $10,000 for documented monetary losses directly resulting from fraud or identity theft.Â
- Ordinary Losses - up to $2,500, which covers out-of-pocket expenses and up to four hours of lost time valued at $25 per hour.
- Alternatively, class members can opt for a cash payment of approximately $100.Â
All eligible individuals can also receive two years of credit monitoring and identity theft protection services.
Filing a MOVEit Class Action Claim
To receive benefits, class members must submit a valid claim form by June 4, 2026. Claims for financial losses require supporting documentation, such as receipts or bank statements. The final approval hearing for the settlement is scheduled for July 9, 2026, following which payments will be distributed.Â
As part of the agreement, reports say Cadence Bank will also invest at least $3.5 million to enhance its data security infrastructure and prevent future incidents.
On March 4, 2026, family-owned Union Bank and Trust Co., headquartered in Lincoln, Nebraska, agreed to pay $2.4 million to resolve its part in a MOVEit breach. In October 2025, Georgia Tech Research Corp. settled a cybersecurity violations and false claims case for $875,000.
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