A California-based financial firm has agreed to establish a $1.75 million settlement fund to resolve negligence claims stemming from a data breach that may have compromised sensitive customer information.
CUSO Financial Services, a San Diego broker-dealer that distributes investment and financial products through credit unions, reported that an unauthorized party gained access to a single employee's account on a third-party system used for communications archiving mandated by the Financial Industry Regulatory Authority (FINRA). The unauthorized access occurred between December 19, 2023, and January 19, 2024.
According to the company, the incident potentially exposed names, Social Security numbers, medical details, driver's license numbers, and financial account data for approximately 76,000 people. CUSO became aware of the suspicious activity on January 19, 2024.
While CUSO denies any wrongdoing, the non-reversionary settlement fund has been established to resolve the claims. Eligible class members can submit claims for up to $5,000 for documented losses, two years of three-bureau credit monitoring, an additional cash payment of up to $100 specifically for California residents, or a residual cash payment of up to $599.
Affected individuals must submit their claims by November 16, 2026. The deadline to opt out of the settlement is October 1, 2026.
