A US bank has agreed to pay up to $10,000 to customers affected by an alleged data breach that exposed personally identifying information.

According to a settlement administrator’s portal, The Bank of Canton will pay $300,000 to settle a lawsuit accusing the Canton, Massachusetts-based lender of negligent data security practices.

Class members in the lawsuit, defined as the existing, former and prospective clients of The Bank of Canton in the US impacted by the cybersecurity incident, will receive up to $2,500 for ordinary losses and up to $10,000 for extraordinary losses.

Claimants must provide documentation to prove the losses they suffered as a result of the data breach. Class members who choose not to file documentary evidence can opt for an alternative cash payment of $100.

Claims must be submitted by October 9th, with a final approval hearing for the settlement scheduled to be held in a Massachusetts court on October 21st. Payments will be made once the settlement is approved by a judge.

The Bank of Canton is settling the lawsuit a little over a year after the incident occurred. On or around May 27th of 2023, cybercriminals allegedly gained access to MOVEit Transfer, a file transfer software system used by a third-party service provider of the bank.

The lawsuit alleged the incident led to the sensitive data of the Bank of Canton’s customers, potentially including, account name, account number(s), and Social Security numbers being exposed. The lawsuit was subsequently filed in November of 2023.

Despite agreeing to settle, The Bank of Canton denies the allegations made in the lawsuit.

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A wealth management firm overseeing $48 billion in assets believes that the S&P 500 will end the year at a much higher level.

In a new CNBC interview, the Indianapolis-based Sanctuary Wealth says conditions are conspiring to push risk assets such as the stock market to new record-high levels by the end of the year.

Mary Ann Bartels, the firm’s chief investment strategist, says investors are not prepared for a huge upside burst for the S&P 500.

“We need growth and AI (artificial intelligence), and I think it’s coming. I think it’s going to significantly impact corporate earnings, productivity, and it’s going to show up in the equity markets. 

It’s not just a bull market here. It’s a bull market globally. You’re seeing European markets break out. I think you’re going to get the Japanese market to break out. It’s a global secular bull market driven by all this new innovation from AI, to blockchain, to crypto, to Web3. 

And I don’t think all of this is yet priced in to the market, and you can see, we’re already in a summer melt-up. The market is not positioned for this yet.”

Bartels says she agrees with the sentiment that technological advancements in AI and Web3 will usher in a disinflationary trend, forcing the Federal Reserve to ease monetary policy.

“I do think rates are trending down, and can go much lower than people expect. Right now, we’re in heightened fear that tariffs are going to bring inflation, and I think over time, especially trending into next year, we can get rates down.

And that’s going to be another stimulus for risk assets, for the equity market, for the crypto market.”

As for her price targets for the S&P 500, Bartels says,

“I’m comfortable getting to year-end at 7,000, and I think in the first quarter of next year, we might even be at 7,200.”

Sanctuary Wealth is an independent wealth management platform that works with 495 licensed professionals and 120 partner firms across 30 states.

As of Friday’s close, the S&P 500 is trading at 6,296 points.

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