My understanding is, he's concerned about what amounts to his credit score taking a hit.
Yes, those who he hacked can go through arbitration to demand monetary compensation, but he would probably not have to pay that out of pocket, since those in whose service he did these things would be both willing and able to cover this cost.
Instead, he could find himself in the situation where no-one wants to hire him, or rent to him, or if they do, he gets paid less or pays more for the same service, because he has a reputation as a notorious hacker.