Two individuals have taken legal action against a prominent financial institution, alleging severe negligence in safeguarding personal data. The complaint was filed by plaintiffs Jen Liang and Mason Maldonado in the United States District Court for the Northern District of Illinois on October 15, 2024, targeting Evolve Bank and Trust. This case underscores significant concerns over data security practices within the banking sector.
The lawsuit claims that Evolve Bank and Trust failed to adequately protect sensitive personally identifiable information (PII) such as full names, contact details, Social Security numbers, and account information. The plaintiffs argue that this negligence led to a data breach discovered by Evolve in May 2024, yet affected individuals were not notified until late June 2024. This delay allegedly prevented victims from taking timely actions to mitigate potential damage. According to the plaintiffs, "Evolve's decision-making regarding its data security...were all woefully inadequate," exposing their systems to cybercriminals who exploited valuable customer data.
Plaintiff Jen Liang from Boston experienced direct repercussions from the breach, including fraudulent charges on her credit card and frozen funds amounting to $500,000 in her investment account. Similarly, Mason Maldonado of Brookfield reported an increase in spam and fraudulent messages post-breach. Both plaintiffs assert that they took considerable measures to verify the breach's legitimacy and monitor their financial accounts for unauthorized activities.
The lawsuit accuses Evolve Bank of breaching its duty under several laws including Section 5 of the Federal Trade Commission Act by failing to implement reasonable security measures. Plaintiffs seek various forms of relief including compensatory damages for identity theft risks and fraud prevention costs incurred due to the breach. They also demand injunctive relief requiring Evolve Bank to enhance its data security protocols significantly.
Representing Liang and Maldonado are attorneys whose identities remain undisclosed in this document. The case is presided over by judges at the Northern District of Illinois with Case ID: 1:24-cv-10311.