TD Bank this week reached a $625,000 settlement with the Massachusetts Attorney General’s Office after losing unencrypted back-up tapes containing personal information of more than 260,000 consumers nationwide, and delaying notice of the incident. The final settlement amounted to $825,000, but the AG’s Office credited the bank $200,000 to reflect security measures and upgrades it has already taken following the incident.
TD Bank further cooperated with the AG’s Office throughout the investigation. As a result, the final settlement amount equates to $325,000 in civil penalties, $75,000 in attorney’s fees and costs, and $225,000 to a fund administered by the AG’s Office to promote education, or to fund local consumer aid programs.
