Yotta's lawsuit against Evolve momentarily averted
In a significant development, the lawsuit against Evolve Bank & Trust, which involves allegations of negligence in protecting customer data leading to a significant data breach between February and May 2024, is moving towards a settlement. Cybercriminals accessed sensitive personal information, including names, Social Security numbers, bank account details, and other private data of both the bank’s personal customers and those of partnering fintech companies serviced through Evolve.
The settlement, subject to final court approval, offers class members who provided private information to Evolve Bank & Trust up to $3,000 if they can provide documentary evidence of losses from the data breach. Alternatively, they can opt for a flat cash payment of $20. Class members may also choose to receive one year of credit monitoring and identity theft insurance coverage up to $1 million.
However, potential class members must act swiftly. The deadlines for opting out of the class action, filing claims, and the final approval hearing are set for October 15, 2025, October 30, 2025, and November 14, 2025, respectively. Payments to the class members will be distributed after the court grants final approval and resolves any appeals.
Meanwhile, Yotta Technologies, a fintech company connected to Evolve's banking services through Synapse, has been embroiled in a separate legal battle. In May, customers of Yotta, Juno, and Copper, all connected to Evolve’s banking services through Synapse, were locked out of their accounts without warning. This incident led to Yotta Technologies alleging that Evolve Bank & Trust mismanaged millions of dollars in customer funds.
However, the federal judge dismissed Yotta Technologies' lawsuit against Evolve Bank & Trust, stating insufficient details were provided. Yotta Technologies has announced its intention to file an amended complaint by the deadline and remains committed to pursuing the case.
The ongoing legal saga between Evolve, Synapse, and Yotta has been complex, with each party blaming others for the financial scandal following Synapse's bankruptcy. Evolve Bank & Trust filed a motion to dismiss the lawsuit in December, alleging Yotta treats Synapse and Evolve as the same entity. Evolve Bank & Trust is pleased with the court’s decision, maintaining the claims lacked merit.
Despite the ongoing legal challenges, Yotta Technologies' CEO, Adam Moelis, has stated they will continue to help depositors get their funds back in full. Monitoring the court proceedings and settlement portal before the November 14, 2025 hearing is advisable for potential class members or interested parties to stay informed about claim filing and payouts.
As of now, no publicly available updates or lawsuits involving Yotta Technologies related to this matter were found in the current search results. It is recommended to keep a close eye on the developments in these cases for a clearer understanding of the situation.
The settlement in the lawsuit against Evolve Bank & Trust, which stems from a data breach involving sensitive business and personal finance information, offers class members up to $3,000 or a flat cash payment of $20, along with credit monitoring and identity theft insurance coverage, if they act before the given deadlines. Simultaneously, Yotta Technologies, a fintech company involved with Evolve's banking services, is engaged in a separate legal battle, alleging mismanagement of funds by Evolve Bank & Trust, though a federal judge has dismissed their initial lawsuit due to insufficient details.
