Sony settlement for 2014 breach could hit $8M

Sony Corp. will pay up to $8 million to current and former employees that were impacted by the 2014 breach.
Sony Corp. will pay up to $8 million to current and former employees that were impacted by the 2014 breach.

Sony Corp reached a settlement in a Los Angeles District Court on Oct. 19 to reimburse current and former employees up to $8 million for their losses, preventative measures and legal fees relating to the company's 2014 hack.

The agreement details a payout of up to $10,000 per person with a $2.5 million cap for identity theft loses, up to $1,000 per person for fraud protection services with a $2 million cap  and up to $3.5 million in legal fees, according to court documents. The settlement is awaiting approval U.S. District Judge Gary Klausner.

Sony Entertainment CEO Michael Lynton called the agreement "an important, positive step forward in putting the cyber-attack firmly behind us," in a memo to staff on Tuesday, according to the Associated Press.

Last year the entertainment company experienced a massive breach that deleted data and exposed secret documents U.S. officials blamed North Korea for the attack.

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