Payday could come by the end of the year for people impacted in T-Mobile’s 2021 data breach.
Last August, the company started investigating a cybersecurity attack that compromised social security numbers, driver’s license information, and other personal data for the millions affected. A class action lawsuit followed.
In the proposed agreement released on Friday, T-Mobile agreed to $350 million in payments to class members and another $150 million for “data security and related technology,” according to the filing. However, the company specified that the agreement should not be considered an admission of any wrongdoing.
Who will receive settlement payments?
T-Mobile identified about 76.6 million U.S. residents affected in the 2021 data breach. This group includes current and “former or prospective” customers, the company confirmed.
How much will they receive?
Though the filing does not make clear how much each class member will receive, it says each individual cannot request more than $2,500. These payments to class members will come from the $350 million fund, but this fund will also cover the legal fees associated with the settlement.
What happens next?
Now that T-Mobile has agreed to the settlement, it could be approved “as early as December 2022 but could be delayed by appeals or other proceedings,” per the Securities and Exchange Commission filing.
The company released a statement on Friday regarding the settlement, saying it is “pleased to have resolved this consumer class action filing.” The company pointed to its intensified efforts to strengthen cybersecurity, including the formation of its Cybersecurity Transformation Office.
“Customers are first in everything we do and protecting their information is a top priority,” the statement included.
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