T-Mobile has agreed to pay $350m to customers affected by a class action lawsuit filed after the firm disclosed last year that personal data had been stolen in a cyberattack.
In a SEC filing last week, the firm said the funds would pay for claims by class members, the legal fees of plaintiffs’ counsel and the costs of administering the settlement. It also plans to spend $150m next year to fortify its data security and other technologies.
Up to 80 million people were impacted by the breach. Information including social security numbers and information from driver’s licences and other ID were stolen during the hack.
T-Mobile said the settlement contains no admission of liability, wrongdoing or responsibility by any of the defendants. It expects court approval of the terms of the settlement as early as December of this year.
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