Payday could come by the end of the year for people affected by T-Mobile’s 2021 data breach.
The company started last August investigation into a cybersecurity attack that compromised the social security numbers, driver’s license records and other personal information of the millions affected. A class action lawsuit followed.
In the proposed agreement released Friday, T-Mobile agreed to pay $350 million in payments to class members and another $150 million for “data security and related technology,” said the Submit. However, the company specified that the agreement should not be considered an admission of any wrongdoing.
Who receives settlement payments?
How much will they receive?
although the submission does not clarify how much each class member will receive, it says each individual cannot ask for more than $2,500. These payments to class members come from the $350 million fund, but this fund also covers the legal costs associated with the settlement.
What happens now?
Now that T-Mobile has agreed to the settlement, it could be approved.”as early as December 2022, but could be postponed by appeals or other proceedings,” the statement said Securities and Exchange Commission Submit.
The company released a statement on friday regarding the settlement, saying it is “glad that this consumer rating complaint has been resolved”. The company pointed to its intensified efforts to strengthen cybersecurity, including the establishment of its Cybersecurity Transformation Office.
“Customers are at the forefront of everything we do and protecting their information is a top priority,” the statement read.