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Settlement Reached in Security Breach Case

DATA LOSS—U.S.

September 1, 2010

A federal judge has approved a settlement between Countrywide Financial Corp. and millions of customers whose information was exposed in what has been described as "the biggest reported case of data theft by a financial insider." The Associated Press reports that the company will provide free credit monitoring for up to 17 million customers who obtained a mortgage or used Countrywide to service a mortgage before July 1, 2008, and individuals could be reimbursed up to $50,000 for each instance of identity theft stemming from the breach. Countrywide has said it worked with federal investigators on the case, and it does not appear that any identities have been stolen.
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