IBM to pay $500 million to settle FTC complaint against ‘staggering’ settlement

IBM has agreed to pay nearly $500,000 in a settlement with the Federal Trade Commission over a $2.7 billion data breach that impacted tens of millions of enterprise users, including thousands of employees at large corporations.

The settlement, announced Monday, resolves a lawsuit filed in the U.S. District Court for the Southern District of New York by IBM, the Federal Bureau of Investigation, the Department of Justice, and other plaintiffs.

The settlement includes a $50,000 cash payment to each of the plaintiffs and an additional $1 million for each of their descendants.

The $500m payment was the largest of its kind in FTC history and the largest such settlement ever, according to a press release from the agency.

The agency announced the settlement in a letter to the plaintiffs that was made public by the Justice Department on Monday.

The FTC announced the new settlement in September, saying it received more than 30,000 complaints about the breach and more than 5,000 claims related to fraud, identity theft, and false advertising.

In November, IBM announced that it was ending its agreement with the FTC over the breach.

IBM agreed to a consent decree that would allow the FTC to pursue other civil actions against the company in a variety of areas, including antitrust, unfair competition, consumer protection, consumer privacy, consumer marketing, and consumer protection under the False Claims Act.IBM said in a statement that the settlement will enable it to continue to operate and invest in its business, including continuing to expand its data analytics and cloud computing businesses.

“This settlement ensures that we are not in the position where we would not be able to invest and grow in the future without the protection of the FTC,” said Robert T. Siegel, senior vice president and general counsel for IBM, in the statement.

“As we have done since the inception of the settlement, we are committed to continuing to work with the commission to further strengthen our commitment to ensuring that we have the technology, talent, and resources to support our customers, employees, and the broader enterprise.”IBM’s settlement with FTC follows a similar one with the DOJ and the Department for Children and Families.

In September, the FTC announced that the FTC had agreed to another $2 billion settlement with IBM over a similar data breach.

In a statement to Fox News, Siegel said that the company “will continue to work closely with the government and other stakeholders to ensure our customers receive the best possible service.”

“As we previously announced, we will continue to invest to make sure that our customers are protected from the worst-case scenarios that could occur,” Siegel added.

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