T-Mobile has agreed to settle a class action suit over the 2021 data breach which saw millions of customers’ sensitive information exposed.
T-Mobile has agreed to pay $350 million to fund claims submitted by class members, as well as spending another $150 million on data security and other related technology in 2022 and 2023.
According to the preliminary settlement filed by the U.S. District Court for the Western District of Missouri, the case involves more than 76.6 million U.S. residents identified by T-Mobile whose information was compromised in the data breach.
Although the final court approval of the settlement terms is expected by December 2022 it could be delayed by appeals, according to an Securities and Exchange Commission (SEC) report filed on Friday.
If the approval goes through by the court, the settlement is expected to resolve all of the claims brought by the company’s customers, both current and former, who were impacted by the 2021 cyberattack, the company said in the SEC filing.