NEW YORK — T-Mobile has agreed to pay $350 million to prospects affected by a category motion lawsuit filed after the corporate disclosed final August that private information like Social Security numbers had been stolen in a cyberattack.
In a Securities and Exchange Commission submitting on Friday, the cell phone firm mentioned the funds would pay for claims by class members, the authorized charges of plaintiffs’ counsel and the prices of administering the settlement. It additionally mentioned it might spend $150 million subsequent yr and in 2023 to fortify its information safety and different applied sciences.
T-Mobile mentioned the settlement accommodates no admission of legal responsibility, wrongdoing or duty by any of the defendants.
The firm mentioned that it expects court docket approval of the phrases of the settlement as early as December 2022.
Nearly 80 million U.S. residents have been affected by the breach. In addition to Social Security numbers, different data breached included names and knowledge from driver’s licenses or different identification.
T-Mobile, primarily based in Bellevue, Wash., turned one of many nation’s largest cellphone service carriers, together with AT&T and Verizon, after buying rival Sprint in 2020. It reported having a complete of 102.1 million U.S. prospects after the merger.
T-Mobile mentioned it expects to report a complete pre-tax cost of roughly $400 million within the second quarter of this yr.
Source: www.bostonherald.com”