In a filing with the Securities and Exchange Commission on Friday, the mobile phone company said the funds will pay for class members' claims, legal fees for plaintiffs' counsel.
And expenses for administering the settlement. It also said it would spend $150 million next year and in 2023 to strengthen its data security and other technologies.
T-Mobile said the settlement contains no liability, wrongdoing or admission of liability by any of the defendants.
The company said it expects court approval of the terms of the settlement by December 2022. About 80 million Americans were affected by the breach.
In addition to Social Security numbers, other information breached includes names and information related to driver's licenses or other identification.
T-Mobile, based in Bellevue, Washington, became one of the nation's largest cell phone service carriers, along withAT&T and Verizon, after acquiring rival Sprint in 2020.
Yesterday it reported 102.1 million Americans It reported a total of102.1 users after the merger.
T-Mobile said it expects to record a total pretax charge of as much as $400 million in the second quarter of this year.