A financial services firm is settling a class action lawsuit over a cybersecurity incident that allegedly exposed sensitive personal data of tens of thousands of customers.
The agreement says Cuso Financial will pay $1.75 million into a non-reversionary fund to resolve claims of negligence tied to unauthorized access of one employee account on a third-party archiving provider.
The breach affected roughly 75,116 people nationwide, with exposed information including names, Social Security numbers, driver’s license numbers, and financial information.
Benefits include reimbursement of up to $5,000 for documented losses, two years of three-bureau credit monitoring, a California statutory payment of up to $100, and a possible residual cash distribution of up to $599 on a pro rata basis.
The settlement covers a nationwide class and a California subclass of affected residents.
Claimants must submit requests by November 16, 2026, while the final approval hearing is set for February 18, 2027.
The company denied wrongdoing but agreed to the fund to avoid further litigation costs.
“The proposed settlement would resolve a lawsuit against CUSO Financial Services, L.P. (‘CUSO’) in connection with a cybersecurity incident involving a third-party service provider that occurred between December 19, 2023, and January 19, 2024, which CUSO disclosed in October 2024 (‘Cybersecurity Incident’). CUSO denies all material allegations in the Action, including any allegations of negligence, fault, wrongdoing, or liability, and believes that it would have prevailed on the merits and that a class would not be certified for trial”
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