Evolve Bank Nears Settlement in Sweeping Ransomware Litigation

Evolve Bank & Trust and several of its customers reached an agreement in principle to resolve lawsuits accusing the bank of inadequate cybersecurity practices that enabled a June 2024 ransomware attack and leaked swaths of client data.

Evolve was hit with a series of proposed class actions over the attack, alleging it failed to implement reasonable data security practices to protect customers’ personally identifiable information. Nearly 40 cases were ultimately consolidated into multidistrict litigation in the US District Court for the Western District of Tennessee last fall.

The bank and 14 named plaintiffs asked a judge to stay all deadlines ...