Doxim Inc., a Michigan-based software company serving credit unions, will distribute $5.5 million to settle a data breach lawsuit. The firm detected unauthorized access to its network on December 30, 2023, after attackers removed customer names, addresses, account numbers and Social Security numbers.
The company took systems offline immediately and brought in cybersecurity experts to investigate. Despite denying liability throughout the proceedings, Doxim agreed to settle to avoid prolonged legal costs and uncertainty.
Affected US residents who received breach notices can claim up to $5,000 for documented identity theft or fraud losses. Those without receipts get a $100 flat payment instead. Everyone filing a valid claim also receives one year of free credit monitoring.
The settlement fund covers attorney fees and expenses before payouts begin. The October 13th deadline is the cutoff for new claims, with court final approval scheduled for October 28th.
This article is for informational purposes only and should not be construed as financial or investment advice.
