Bank of America and Ernst & Young To Hand Out $2,500,000 To Settle Accusations of Failing To Protect Customers From MOVEit Data Breach
Ernst & Young and Bank of America have agreed to pay $2.5 million to settle a class-action lawsuit stemming from a 2023 data breach involving the MOVEit file transfer service.
The settlement resolves allegations that the companies failed to adequately protect consumers’ personal information after a vulnerability in MOVEit Transfer was exploited.
The security incident occurred between May 27th and May 31st, 2023. EY used the third-party software to handle certain Bank of America data that included personally identifiable information belonging to some of the bank’s customers.
People whose personal information was contained in files affected by the incident may be eligible for the settlement.
Under the agreement, EY and Bank of America will establish a $2.5 million settlement fund to cover valid claims, administrative and notice expenses, attorneys’ fees and other approved costs.
Eligible class members can choose between two forms of monetary relief. They can seek reimbursement for documented ordinary losses of up to $2,500 and documented extraordinary losses of up to $10,000, or choose an alternative cash payment of $100.
Payments may be adjusted on a pro rata basis depending on the number of valid claims submitted.
Class members can also receive two years of identity theft protection services by submitting a valid claim.
Claims must be filed by October 8th, 2026. The deadline to exclude from the settlement or object to its terms is September 8th, 2026.
A final approval hearing is scheduled for October 15th, 2026.
Ernst & Young and Bank of America deny the allegations of wrongdoing.
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