OXFORD, Ala. — Current and former members of AOD Federal Credit Union whose personal information may have been exposed in a 2024 cybersecurity incident could be eligible for cash payments, reimbursement of documented losses and free credit monitoring under a proposed class-action settlement, according to reporting by ClaimDepot.
ClaimDepot reported that the $462 million-asset credit union has agreed to pay $750,000 to settle litigation alleging it failed to adequately protect customer information, leading to the potential exposure of sensitive data during a cyberattack that occurred Aug. 8-9, 2024. Approximately 70,000 individuals were affected by the incident, according to the report.
The Allegations
The lawsuit alleged that personal information potentially exposed in the breach included Social Security numbers, dates of birth and financial account numbers. Plaintiffs contended the credit union did not adequately safeguard customer data, resulting in the compromise of sensitive information.
AOD Federal Credit Union denied the allegations but agreed to settle the case to avoid the costs and uncertainties associated with continued litigation, ClaimDepot reported.
Under the proposed settlement, class members who can document financial losses tied to fraud or identity theft resulting from the breach may submit claims for reimbursement of up to $5,000.
$75 Payments
Individuals who do not seek reimbursement for documented losses may instead submit a claim for an alternative cash payment. ClaimDepot reported those payments are estimated at approximately $75 per claimant, although the final amount will depend on the number of approved claims and the distribution of the settlement fund.
All eligible class members may also elect to receive two years of free one-bureau credit monitoring services.
To qualify, claimants must have received a settlement notice and provide the unique identification number included in that notice. Online claimants must also provide a PIN included with the notice. Those seeking reimbursement for documented losses must provide supporting records, such as receipts, invoices, bank statements, credit card statements or other documentation showing unreimbursed fees, fraudulent charges or identity theft-related expenses.
Payments may be issued through PayPal, Venmo, Zelle or by paper check mailed to the claimant.
$250K to Attorneys
According to ClaimDepot, the $750,000 settlement fund will also be used to cover settlement administration costs, attorneys’ fees of up to $250,000, court-approved litigation expenses, service awards of up to $2,500 each for class representatives and the cost of providing credit monitoring services. Remaining funds will be distributed to approved claimants.
Key dates include an Aug. 17, 2026, deadline for class members to opt out of the settlement and a Sept. 1, 2026, deadline to submit claims. A final approval hearing is scheduled for Sept. 16, 2026.
ClaimDepot reported that settlement payments and credit-monitoring enrollment information will be distributed after claims are processed or 60 days after final court approval, whichever occurs later.
