Overby-Seawell, KeyBank Reach $6 Million Settlement Over 2022 Data Breach Claims

Paige Henley
Published on: October 18, 2024 Editor

Overby-Seawell and KeyBank have reached a $6 million settlement to resolve claims stemming from a 2022 data breach that compromised the personal information of customers. The breach, which affected Overby-Seawell’s computer systems, exposed sensitive data from current and former clients of Overby-Seawell, KeyBank, and Fulton Bank. Individuals who received data breach notifications from these institutions are eligible for compensation.

The class action lawsuit alleges that Overby-Seawell failed to implement adequate cybersecurity measures, allowing hackers to access customer information in July 2022. Plaintiffs claim they suffered injuries from the breach and argue that Overby-Seawell could have prevented it by taking reasonable precautions. Although Overby-Seawell and KeyBank deny any wrongdoing, they have agreed to the settlement to resolve the case.

Under the settlement terms, affected individuals can claim up to $6,000 for documented losses related to the data breach. This includes compensation for fraud, identity theft, fees, credit monitoring costs, and up to five hours of lost time at a rate of $25 per hour.

Those who do not have documented losses can receive a pro rata payment, the amount of which will depend on the number of claims filed. Additionally, all class members from California are entitled to an extra $100 payment on top of their primary compensation.

The settlement also offers three years of free identity theft protection and credit monitoring services to all class members. These services include monitoring from all three major credit bureaus and provide at least $1 million in fraud and identity theft insurance.

The deadline to file a claim for the settlement is Oct. 21. The final approval hearing for the settlement is scheduled for Dec. 9.

Affected individuals can submit a claim with proof of expenses, such as receipts, bank statements, and credit reports, to receive compensation. For those without proof of losses, compensation will be based on other settlement factors.