Fidelity Investments: Fidelity Investments Agrees to Pay $2.5 Million Over Data Breach

Fidelity Investments to Pay $2.5 Million to Settle 2024 Data Breach Lawsuit

Fidelity Investments has agreed to a $2.5 million settlement in a proposed class-action lawsuit over a 2024 data breach that exposed the personal information of more than 155,000 individuals. The preliminary approval of the deal was filed on Tuesday in the U.S. District Court for the District of [jurisdiction not specified].

Under the settlement terms, affected class members may receive up to $5,000 in reimbursement for documented financial losses tied to the breach, along with two years of credit monitoring services. Additionally, they will be eligible for a pro rata cash payment of approximately $100.

The breach, which occurred earlier this year, raised concerns over Fidelity’s data protection measures, prompting legal action from impacted individuals. The settlement resolves allegations that the financial services firm failed to adequately safeguard sensitive personal information. Further details on the breach’s scope and the timeline for claims processing are expected as the case progresses.

Source: https://news.bloomberglaw.com/business-and-practice/fidelity-investments-agrees-to-pay-2-5-million-over-data-breach

Fidelity Investments cybersecurity rating report: https://www.rankiteo.com/company/fidelity-investments

"id": "FID1773261741",
"linkid": "fidelity-investments",
"type": "Breach",
"date": "1/2024",
"severity": "85",
"impact": "4",
"explanation": "Attack with significant impact with customers data leaks"

{'affected_entities': [{'customers_affected': '155,000+',
                        'industry': 'Finance',
                        'name': 'Fidelity Investments',
                        'type': 'Financial Services Firm'}],
 'customer_advisories': 'Affected class members may receive up to $5,000 in '
                        'reimbursement for documented financial losses and two '
                        'years of credit monitoring services, along with a pro '
                        'rata cash payment of approximately $100.',
 'data_breach': {'number_of_records_exposed': '155,000+',
                 'personally_identifiable_information': 'Yes',
                 'sensitivity_of_data': 'High (personally identifiable '
                                        'information)',
                 'type_of_data_compromised': 'Personal information'},
 'description': 'Fidelity Investments has agreed to a $2.5 million settlement '
                'in a proposed class-action lawsuit over a 2024 data breach '
                'that exposed the personal information of more than 155,000 '
                'individuals. The breach raised concerns over Fidelity’s data '
                'protection measures, prompting legal action from impacted '
                'individuals.',
 'impact': {'brand_reputation_impact': 'Raised concerns over data protection '
                                       'measures',
            'data_compromised': 'Personal information of more than 155,000 '
                                'individuals',
            'financial_loss': '$2.5 million settlement',
            'identity_theft_risk': 'High (personal information exposed)',
            'legal_liabilities': 'Class-action lawsuit'},
 'investigation_status': 'Settlement approved (preliminary)',
 'post_incident_analysis': {'root_causes': 'Failure to adequately safeguard '
                                           'sensitive personal information'},
 'references': [{'source': 'Legal filing'}],
 'regulatory_compliance': {'legal_actions': 'Class-action lawsuit'},
 'title': 'Fidelity Investments 2024 Data Breach Lawsuit Settlement',
 'type': 'Data Breach'}