Fidelity Reaches $2.5M Settlement Over Data Breach Affecting 155,000 Customers

Benzinga_recent_news03-26 03:53

Fidelity Investments has reached a proposed $2.5 million settlement in a class-action lawsuit concerning an alleged data breach. The settlement proposal received preliminary approval on Monday in the...

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This delay allegedly left customers vulnerable to identity theft and fraud, the plaintiffs argue.\nUnder the terms of the settlement, class members who file valid claims could receive compensation for losses related to the breach, with a cap of $5,000 per claim. \nAdditionally, affected customers are eligible for two years of credit monitoring and identity theft protection services, which include insurance coverage up to $1 million.\nClass members may also receive a pro rata cash payment, estimated at around $100, and those in a California subclass could receive an extra $50 under state privacy laws. \n\"Fidelity takes its responsibility to serve customers and safeguard information seriously. We remain fully committed to the security of our clients' accounts and personal information. Litigation can involve a considerable amount of time and resources. Settlement is one way to avoid this for both parties. A legal settlement is not an admission of liability,” a spokesperson for Fidelity told Benzinga in a statement.\nThe court will determine whether to grant the Fidelity settlement final approval on July 9 hearing. \nCompensation will only begin to be distributed to class members after final approval has been granted and any appeals have been resolved.\nPhoto: Piotr Swat via Shutterstock\nThis content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.\nTo add Benzinga News as your preferred source on Google, click here.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.38.0","shortVersion":"4.38.0","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2622004353","isCrawlerRequest":true}