A U.S. District Court judge in Kentucky on Wednesday gave preliminary approval to a settlement between Countrywide Financial Corp. and millions of customers whose financial data was exposed in a security breach, the Associated Press reports Thursday. The settlement calls for Countrywide, now owned by Bank of America Corp. (BAC), to give as many as 17 million victims of the breach free credit monitoring--includng anyone who obtained a mortgage and anyone who used Countrywide to service a mortgage before July 1, 2008. A consumer would be allowed up to $50,000 in reimbursements from Countrywide for each instance of identity theft. A "fairness hearing" in the case is scheduled for July in Louisville, Ky.
A Bank of America spokeswoman said the settlement is "in the bank's best interest" to avoid additional legal expenses.
17,000,000 x $50,000 = $850 Million Dollars