HomeIndustriesT-Mobile Settles 2021 Data Breach Suit for $350 Million

T-Mobile Settles 2021 Data Breach Suit for $350 Million

The data breach and cyberattack that cost more than 76 million T-Mobile users their data in 2021 is going to be pricey for the telecommunication company. According to an SEC filing on Friday, T-Mobile settled a resulting lawsuit for a sum of $350 million.

The $350 million will be split among the customers that had their data stolen and lawyers. T-Mobile will also set aside a sum of $150 million to improve its “data security and related technology.”

Reportedly, the breach that was the subject of the lawsuit took place in early 2021. The T-Mobile customers got their data stolen and put on sale at several criminal forums. According to the operator’s estimations, 76.6 million U.S. residents were affected in some way. Around one million had their accounts and PINs exposed in full.

The court now needs to accept the settlement, which aims to “resolve substantially all of the claims brought by the Company’s current, former and prospective customers who were impacted by the 2021 cyberattack.”

After the settlement gets accepted, T-Mobile will notify affected users that they have the right to compensation. The lawyers will take a significant chunk of $350 million, and the rest will be split among the customers who make a claim. This is why you shouldn’t get your hopes high for a big payday, although some money is better than no money at all.

Futures Static and Bonds Rise Amid Interest Rate Anxiety

U.S. stock futures remained largely unchanged and bond yields rose on Thursday amid growing concerns that central banks could continue raising interest rates. Both the...

Euro Zone in Recession Following Downward Revision of Growth

Data from the European statistics agency Eurostat released on Thursday revealed that the eurozone slipped into a recession during the first three months of...

European Stocks Slide Amid Chinese Export Decline

European stocks faltered on Wednesday morning as a larger-than-expected drop in exports from China fueled anxiety regarding the state of global demand. This also...