Class Actions Accuse Truist Bank of Negligence Leading to October Data Breach | Law.com (2025)

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Class Actions Accuse Truist Bank of Negligence Leading to October Data Breach | Law.com? ›

Truist Bank was hit with two federal class actions last week arising from a data breach that occurred in October 2023, alleging the bank failed to prevent the exposure of individuals' personal identifying information.

Two federal class action lawsuits have been filed against Truist Bank over a cyberattack in October that exposed some clients' personal information.

What happened. Truist Bank, a top 10 commercial bank in the US, recently confirmed that its network was breached in October 2023. The confirmation follows a malicious actor, known as Sp1d3r, posting some of Truist's data on an online hacking forum. The actor claimed to be selling data of 65,000 employees for $1 million ...

Anyone who has been affected by a data breach may have the right to file a lawsuit, including individuals, businesses, or organizations that have suffered harm due to the breach.

Data breach lawsuits

Plaintiffs typically seek damages for unauthorized charges, damage to credit, cost of credit monitoring, cost of replacement credit cards, time and expenses incurred to investigate, and emotional distress.

Truist is FDIC insured. You'll be able to deposit up to $250,000 in an individual bank account and your money will be secure.

On Wednesday June 12, 2024, a well-known dark web data broker and cybercriminal acting under the name “Sp1d3r” offered a significant amount of data allegedly stolen from Truist Bank for sale. Truist is a US bank holding company and operates 2,781 branches in 15 states and Washington DC.

Truist Bank was rated as "stable" by S&P, Moody's, Fitch, and DBRS Morningstar, meaning it's likely safe from collapse.

Once a claim is started and the transaction is disputed, an investigation will be opened, and a provisional credit will be applied to your account within ten (10) days of reporting the fraud. The provisional credit will be made permanent at the end of the investigation, if fraud is confirmed.

Charlotte-based Truist Bank earned a “stable” rating from S&P in late August, as the rating agency evaluated the health of 10 U.S. banks. S&P said it reviewed these banks because it believes they have “potential risks in multiple areas.”

How much compensation will I get for a data breach? ›

To address any harm you endured, the law gives you the right to seek financial compensation following a data breach. You can and should seek legal recourse from a company that exposed your data, and you can file a lawsuit to obtain payment for your losses.

When their systems are not secure and your data is exposed in their data breaches, you may be liable. You may have to take expensive corrective action and may be subject to sanctions by governments and regulatory agencies.

Through their surveys, Coveware found a $850,700 average payout, and median payout of $200,000 in Q3 2023. According to IBM, ransom demand complete incident costs in 2022, rose in 2022 to 4.49M if you pay, and 5.12M if you do not.

You will get your payment in the method you chose—by check, prepaid card, or PayPal payment. Legitimate emails about the settlement will come from Equifax Breach Settlement Administrator <info@equifaxbreachsettlement.com >. You can use this look-up tool to see if you were affected by the breach.

Once a claim is started and the transaction is disputed, an investigation will be opened, and a provisional credit will be applied to your account within ten (10) days of reporting the fraud. The provisional credit will be made permanent at the end of the investigation, if fraud is confirmed.

Truist Financial's odds of distress is below 50% at the present time. It has small probability of experiencing financial straits in the next few years. Probability of distress shows the probability of financial torment over the next two years of operations under current economic and market conditions.

Truist Financial Corporation is an American bank holding company headquartered in Charlotte, North Carolina. The company was formed in December 2019 as the result of the merger of BB&T (Branch Banking and Trust Company) and SunTrust Banks.

At the time, Truist did not disclose the number of people who would be laid off, but said the actions would happen between the third quarter of 2023 and the first quarter of 2024. That plan also includes consolidating leadership roles for fewer layers of management.