T-Mobile to pay customers $350 million after data breach

T- Mobile has agreed to pay $350 million to customers affected by a class action lawsuit filed after the company disclosed last August that personal data like social security numbers had been stolen in a cyberattack.

In a Securities and Exchange Commission filing on Friday, the mobile phone company said the funds would pay for claims by class members, the legal fees of plaintiffs' counsel and the costs of administering the settlement. It also said it would spend $150 million next year and in 2023 to fortify its data security and other technologies.

T-Mobile said the settlement contains no admission of liability, wrongdoing or responsibility by any of the defendants.