SouthState Bank agrees to $1.5 million settlement over 2024 data breach affecting 2 million customers

SouthState Bank N.A., a regional financial institution operating more than 300 branches across the southeastern United States, has agreed to a $1.5 million class action settlement to resolve claims tied to a February 2024 data breach that exposed sensitive customer information. The agreement, which received preliminary court approval on Feb. 17, 2026, covers approximately two million individuals whose personal data may have been compromised.

The settlement applies to U.S. residents who were notified that their information was potentially affected in the breach, which occurred on or around Feb. 7, 2024. Compromised data may have included names, dates of birth, addresses, financial account details and Social Security numbers.

Under the terms of the agreement, eligible individuals will automatically receive one year of free credit monitoring and identity theft insurance, with no action required. Those seeking additional compensation must submit a claim form by June 15, 2026.

Claimants who provide documentation of financial losses linked to the breach may receive reimbursements of up to $3,500. Covered expenses include bank fees, fraudulent charges, credit monitoring costs, identity protection services, and expenses related to replacing identification documents or securing accounts.

In addition to documented loss claims, all eligible class members may apply for a separate pro-rated cash payment from the settlement fund without providing proof of loss. The final amount will depend on the number of valid claims submitted.

Payments may be issued by check or electronic transfer, with checks required to be cashed within 120 days of issuance. Compensation will be distributed only after final court approval and the resolution of any appeals.

The lawsuit alleged that SouthState Bank failed to implement adequate cybersecurity measures to protect customer data, leading to the breach. The bank denied wrongdoing but agreed to settle the claims.

A final approval hearing is scheduled for June 22, 2026. The deadline for individuals to opt out of or object to the settlement is May 15, 2026.