T-Mobile US agreed to settle a class action lawsuit related to a cyberattack in 2021 for $350 million, and pledged to spend a further $150 million on data security and related technology over the next two years.
The proposed settlement is subject to court approval, which T-Mobile anticipates could be as early as December. However it cautioned it could be delayed by appeals or other proceedings.
An SEC filing by T-Mobile outlined its belief the proposal was in-line with similar types of claims. It plans to book a related pre-tax charge of $400 million in its upcoming Q2 results.
T-Mobile added the settlement included no admission of liability, wrongdoing or responsibility.
The settlement relates to litigation brought against T-Mobile related to a cyberattack in 2021.
Following a preliminary investigation, T-Mobile disclosed data on tens of millions of current and prospective customers had been exposed.
In the immediate aftermath of disclosing the breach, T-Mobile offered impacted users two years of free identity protection and launched a web page providing advice on security.
At the time it noted no customer financial information had been compromised but some other information such as names, addresses, dates of birth and driver licence details had been.Subscribe to our daily newsletter Back