What Happened
Evolve Bank & Trust, a Tennessee bank that also serves as the banking backbone for many fintech apps, was hit by a LockBit ransomware attack in 2024 after an employee clicked a malicious link. The stolen data included names, dates of birth, Social Security numbers, driver’s license numbers and contact details. Because Evolve powers fintech partners, the breach reached customers who had never heard of the bank — people who used apps that relied on it behind the scenes.
Roughly 18 million individuals were affected, according to the litigation.
The Settlement
About 34 class actions were consolidated in a Tennessee federal court, and Evolve agreed to an $11.9 million settlement to resolve claims that it failed to adequately protect customer data. As is typical of large breach settlements, individual payments are modest — reported around $20 for most claimants, with higher amounts (up to a few thousand dollars) for those who can document out-of-pocket losses from identity theft.
The settlement resolves the claims without an admission of wrongdoing.
What Affected People Should Know
If you used a fintech app in recent years, your data may have flowed through Evolve without your realizing it. For the settlement, the court-approved administrator is the only place to verify eligibility and deadlines. Documenting any fraud tied to the breach is what unlocks the higher payment tier beyond the base amount.
Before You Act
Thinking About Filing a Claim?
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Evolve Bank Data Breach Lawsuit: The $11.9 Million Settlement: Frequently Asked Questions
Answers to the most common questions about this case and your legal options.
How much was the Evolve Bank settlement?
$11.9 million, resolving consolidated class actions over the 2024 breach that affected about 18 million people. Most claimants receive a modest amount, with more for documented losses.
Why was I affected if I never banked with Evolve?
Evolve provides banking infrastructure for many fintech apps. If you used such an app, your data may have been held by Evolve behind the scenes and caught in the breach.
What data was exposed?
Names, dates of birth, Social Security numbers, driver's license numbers and contact information, taken in a LockBit ransomware attack.
Legal Disclaimer
This article is general legal information, not legal advice, and does not create an attorney-client relationship. Case status, eligibility criteria, and any amounts described are as reported at the date shown and may change. Consult a licensed attorney in your jurisdiction about your own situation.