Experian PLC and consumers won final approval of a class settlement valued at over $170 million, resolving allegations of a data breach that affected 15 million T-Mobile Inc. customers.

The settlement creates a $22 million cash fund, about $1.47 for each class member.

“But the value to class members here is much higher,” Judge Andrew J. Guilford wrote for the U.S. District Court for the Central District of California.

It provides credit monitoring and insurance services that are “substantial and...