On February 3, 2008, the Bank of New York Mellon (“BNY Mellon”) announced that it had reached a settlement agreement with Connecticut’s Departments of Consumer Protection and Banking. The settlement resolves a state investigation into a February 2008 incident in which a backup tape containing personal information on hundreds of thousands of CT residents was lost while in transit to an off-site storage facility in New Jersey. In the settlement agreement, the bank agreed to pay for credit monitoring (at a cost of approximately $3.48M) and cover any actual losses incurred by affected CT residents and to upgrade its data protection procedures in addition to paying the state $150,000. BNY Mellon has repeatedly stated that there is no evidence that the lost tapes have been found or that the data on the tapes has been accessed or misused.

More information can be found here.