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Ameritrade Hack Settlement: $2 Per Victim, $1.8 Million for Lawyers
Posted: July 11th, 2008, 2:55pm EDT by David Kravets
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A proposed settlement of a class action lawsuit representing as many as 6.3 million TD Ameritrade customers whose data was stolen by hackers last year equals about $2 in compensation for each victim and $1.8 million in fees to the lawyers representing them. The settlement, which requires the Nebraska brokerage house to increase data security, does not publicly state whether lax security controls allowed last year's data breach.