SoylentNews

Equifax Agrees to Pay $650 Million Settlement for Data Breach

posted by martyb on Monday July 22 2019, @10:26PM   
from the A-stolen-identity-is-worth-about-$5 dept.

takyon writes:

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]

---

Original Submission

• About 2000x too small About 2000x too small (Score: 3, Insightful) by DavePolaschek on Monday July 22 2019, @11:52PM (1 child)

  by DavePolaschek (6129) on Monday July 22 2019, @11:52PM (#870136) Homepage Journal

  The FTC intentionally kept the damages small enough to not kill Equifax. Cranking it up to 300 billion or so would be closer to a corporate death penalty. Only way to be sure.

  Starting Score:	1		point
  Moderation		+1
  Insightful=1, Total=1
  Extra 'Insightful' Modifier		0
  Karma-Bonus Modifier		+1
  Total Score:		3

• Re:About 2000x too small (Score: 2, Insightful) by khallow on Tuesday July 23 2019, @03:09AM

  by khallow (3766) on Tuesday July 23 2019, @03:09AM (#870187) Journal

  Too big to fail in multiple ways. A corporate death penalty means the industry gets disrupted and maybe consolidated into an even smaller cartel. They're not willing to call anyone's bluff there.

  Parent