Telecommunications giant T-Mobile (TMUS) has settled a class action lawsuit over a massive data breach that impacted nearly 77 million of its customers for $500 million U.S.
T-Mobile stock is up 16% this year at $132.48 U.S. per share.
The wireless provider will pay $350 million U.S. to settle its customers’ claims and an additional $150 million U.S. to upgrade its data protection, according to court documents that have been made public.
The data breach, disclosed in August of last year, exposed information such as customer names, Social Security numbers, phone numbers, addresses, and dates of birth belonging to 76.6 million people.
Last year’s security breach was the fourth to impact T-Mobile since 2015. It came to light after a user on an online forum claimed to be selling the personal data of people taken from T-Mobile’s servers.
A class action lawsuit quickly followed revelations of the data breach. The court settlement still needs to be approved by a judge, and T-Mobile said it does not constitute an admission of guilt.
