TD Ameritrade Settles Data Breach Suit For Up To $6.5M

Law360, New York (September 13, 2011, 5:51 PM EDT) -- TD Ameritrade Inc. agreed Tuesday to pay up to $6.5 million to settle a class action in California accusing the online broker of improperly allowing third parties to access customer information.

U.S. District Judge Saundra Brown Armstrong granted final approval to the settlement, which provides for a total payment to class members between $2.5 million and $6.5 million, depending on the number of claims submitted.

Class members, estimated to number about six million, are entitled to between $50 and $2,500 each depending on the severity of the identity theft suffered in the 2007 data breach and how much they incurred in...

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