DUBLIN, Calif.—Following a ransomware attack that crippled Patelco Credit Union last year, the $9.5-billion CU has agreed to a $7.25-million class action settlement, the San Francisco Public Press reported.
As CUToday.info previously reported, the breach impacted more than one million accounts.
Patelco reached the agreement with 12 named plaintiffs in Alameda County Superior Court, according to Scott Edward Cole of Cole & Van Note, the Oakland-based consumer attorney representing account holders, San Francisco Public Press stated.
Cole said the plaintiffs are now awaiting formal court approval, with a hearing set for June 10. Once approved, settlement documents will be distributed to other affected class members, San Francisco Public Press said.
The settlement includes the creation of a $7.25 million fund to compensate victims of the ransomware attack and the resulting two-week system outage experienced by Patelco last summer, San Francisco Public Press said.
As CUToday.info reported, Patelco confirmed that hackers accessed sensitive personal information, including account holders’ names, dates of birth, home addresses, Social Security numbers, driver’s license numbers, and email addresses. In response, the credit union is offering complimentary credit monitoring services to all individuals affected by the data breach.