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.
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