Anthem Inc (ANTM.N), the largest U.S. health insurance company, has agreed to settle litigation over hacking in 2015 that compromised about 79 million people's personal information for $115 million, which lawyers said would be the largest settlement ever for a data breach.
The deal, announced Friday by lawyers for people whose information was compromised, must still be approved by U.S. District Judge Lucy Koh in San Jose, California, who is presiding over the case.
The money will be used to pay for two years of credit monitoring for people affected by the hack, the lawyers said. Victims are believed to include current and former customers of Anthem and of other insurers affiliated with Anthem through the national Blue Cross Blue Shield Association.
People who are already enrolled in credit monitoring may choose to receive cash instead, which may be up to $50 per person, according to a motion filed in California federal court Friday.
"We are very satisfied that the settlement is a great result for those affected and look forward to working through the settlement approval process,” Andrew Friedman, a lawyer for the victims, said in a statement.
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