California Financial Firm Paying Up To $5,000 To Customers in New Data Breach Settlement

A California financial firm has agreed to a $1.75 million settlement fund over a data breach that may have exposed customer information.

CUSO Financial Services says an unauthorized person got into one employee’s account on a third-party system used to archive communications, as FINRA requires. The access ran from Dec. 19, 2023, to Jan. 19, 2024.

“On January 19, 2024, CUSO became aware of suspicious activity involving a third-party service provider which CUSO utilizes for archiving communications, as required by The Financial Industry Regulatory Authority (‘FINRA’).”

The incident may have exposed names, Social Security numbers, medical details, driver’s license numbers, and financial account data for about 76,000 people.

CUSO is a San Diego broker-dealer that sells investments and other financial products through credit unions.

CUSO denies wrongdoing. The fund is non-reversionary and is meant to resolve negligence claims.

Class members can seek up to $5,000 for documented losses, two years of three-bureau credit monitoring, up to $100 for California residents, or a leftover cash payment of up to $599.

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