Bank of America Data Breach Settlement Over MOVEit: Claims Closed

This proposed class action grew out of a May 2023 breach of MOVEit Transfer, file-transfer software Ernst & Young used to handle certain Bank of America data. Between May 27 and May 31, 2023, cybercriminals allegedly gained unauthorized access to the software, potentially exposing personally identifying information belonging to some Bank of America customers.

The lawsuit claims Ernst & Young and Bank of America failed to use reasonable data security practices. Both companies deny any wrongdoing or liability and dispute that the claims would have succeeded had the case gone forward.

This settlement resolves only the claims against Ernst & Young and Bank of America, it does not cover claims against MOVEit's software maker, Progress Software Corporation, which remains in ongoing litigation. The court has not yet granted final approval, and no payments will go out until that approval is final and any appeals are resolved.

Coverage extends to living individuals whose personally identifying information was in the files affected by this incident involving Bank of America data handled by Ernst & Young. Those eligible can seek reimbursement for documented ordinary and extraordinary losses, or instead choose a flat alternative cash payment. Eligible people may also request identity theft protection and credit monitoring services.

Filing a claim online requires a Claimant ID and PIN; anyone who believes they qualify but never received these credentials should reach out to the Settlement Administrator. Most loss-reimbursement claims require supporting documentation, though the alternative cash payment does not.