T-Mobile well-set Friday to pay $350 million to settle class-action lawsuits brought over an August 2021 cyberattack in which a hacker infiltrated its computer systems to steal sensitive data relating to millions of customers.
The Bellevue, Wash.-based wireless carrier moreover well-set to make an spare $150 million investment in data security and related technologies this year and next, according to an SEC filing Friday afternoon.
The proposed matriculation consists of increasingly than 76 million customers, equal to a reprinting of the proposed settlement filed in the U.S. District Magistrate for the Western District of Missouri, where several related cases were consolidated. The $350 million payout will fund claims submitted by matriculation members, plaintiffs’ legal fees, and legalistic costs.
If the magistrate approves the settlement, it “will resolve substantially all of the claims brought by the Company’s current, former and prospective customers who were impacted by the 2021 cyberattack,” T-Mobile said in its SEC filing.
The visitor continues to cooperate with various regulators who are separately investigating the incident, equal to a T-Mobile spokesperson.
T-Mobile issued a statement Friday well-nigh the settlement on its website. “As we protract to invest time, energy, and resources in addressing this challenge, we are pleased to have resolved this consumer matriculation whoopee filing,” the visitor said.
According to the SEC filing, T-Mobile expects to record a pre-tax tuition of well-nigh $400 million in the second quarter as a result of the settlement. The filing notes that the tuition and the $150 million investment in security were predictable in its prior financial guidance to investors.