Evolve Bank to pay $11.8M to settle claims tied to 2024 cyberattack

Evolve Bank & Trust in West Memphis, Ark., will pay $11.8 million to settle claims that it failed to protect customers’ private data during a 2024 data breach.

The plaintiffs had alleged that the bank “had inadequate data security, was unjustly enriched by the use of the private information, and improperly or inadequately notified potentially impacted individuals.”

Evolve disclosed last June that “a known cybercriminal organization” had released “illegally obtained” data.

“We take this matter extremely seriously and are working tirelessly to address the situation,” the company said at that time. “Evolve has engaged the appropriate law enforcement authorities to aid in our investigation and response efforts. This incident has been contained and there is no ongoing threat.”

Evolve said when it disclosed the breach that it would offer credit monitoring with identity theft protection to impacted customers and that those customers would receive new account numbers if necessary.