Equifax to Pay at Least $650 Million in Largest Data-Breach Settlement Ever
The credit bureau Equifax will pay at least $650 million and potentially significantly more to end an array of state, federal and consumer claims over a data breach two years ago that exposed the sensitive information of more than 148 million people. The breach was one of the most potentially damaging in an ever-growing list of digital thefts.
The settlement, which was announced on Monday and still needs court approval, would be the largest ever paid by a company over a data breach. The deal requires Equifax to put a minimum of $380.5 million into a restitution fund for American consumers who file claims showing that they were financially harmed.
A portion of that money will pay for lawyers' fees, but at least $300 million must go to victims, according to settlement documents filed in federal court in Atlanta. If the initial cash is depleted, the company will add up to $125 million more to settle consumers' claims, bringing the total fund size to more than $500 million.
Also at: Ars Technica.
Previously:
Lawsuits Aim Billions in Fines at Equifax and Ad-Targeting Companies
The True Cost of a Data Breach
Equifax Admits 2.5 Million More Americans Were Affected by Cyber Theft
Equifax Data Breach Could Affect 143 Million Americans [Updated]
(Score: 3, Touché) by stretch611 on Tuesday July 23 2019, @09:01AM
I'll bet my $2 that the original breach is no longer running.
However, I will bet the winnings of that bet that a new breach has replaced it and is active.
Now with 5 covid vaccine shots/boosters altering my DNA :P