NEW YORK — T-Mobile has agreed to pay $350 million to customers affected by a class action lawsuit after the company announced last August that personal information, such as social security numbers, was stolen in a cyberattack.
In a Securities and Exchange Commission filing Friday, the wireless company said the funds would pay for group member claims, plaintiffs’ attorneys’ attorneys’ fees and the costs of administering the settlement. It also said it would spend $150 million over the next year and in 2023 to strengthen its data security and other technologies.
T-Mobile said the settlement did not include an admission of liability, wrongdoing or responsibility of any of the defendants.
The Company expects the terms of the settlement to be approved by the court as early as December 2022.
Almost 80 million US citizens were affected by the injury. In addition to social security numbers, names and information from driver’s licenses or other IDs were also violated.
Bellevue, Wash.-based T-Mobile became one of the country’s largest wireless carriers alongside AT&T and Verizon after acquiring competitor Sprint in 2020. The company said it had a total of 102.1 million US customers after the merger.
T-Mobile expects a total pre-tax charge of approximately $400 million for the second quarter of this year.