American Capital One bank settles data breach case for 168 million euros

The American bank Capital One settles for converted euros 167.6 million in a lawsuit that was filed after a major data breach took place in 2019. The data of a hundred million Americans was stolen.

Capital One disclaims all liability, Bloomberg writes based on a statement from the bank, but settles to save money and time. If the settlement is approved by the court, all charges brought against the bank by customers will be dropped. Amazon Web Services, the cloud provider of Capital One, also denies being at fault.

The data breach happened two years ago because a former AWS employee broke into the bank’s server and thus managed to obtain and decrypt the data. According to the bank, the hacker was arrested and the stolen personal data was recovered before it was distributed and used for fraudulent purposes.