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Equifax Agrees to Pay $650 Million Settlement for Data Breach

posted by martyb on Monday July 22 2019, @10:26PM   Printer-friendly
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]

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  • (Score: 3, Insightful) by c0lo on Tuesday July 23 2019, @12:19AM (5 children)

    by c0lo (156) Subscriber Badge on Tuesday July 23 2019, @12:19AM (#870142) Journal

    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.

    $380.5M / 148M people < $2.4/person. Only the cost of "showing financial harm" far exceeds the restitution => fines are no longer a punishment, to act as reparations or as deterrent.

    What we are seeing can be described as "the normalization of fines as cost of doing business".
    Old satire [youtube.com] is long overtaken by the reality.

    --
    https://www.youtube.com/watch?v=aoFiw2jMy-0 https://soylentnews.org/~MichaelDavidCrawford
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  • (Score: 2) by PartTimeZombie on Tuesday July 23 2019, @12:30AM (4 children)

    by PartTimeZombie (4827) on Tuesday July 23 2019, @12:30AM (#870146)

    It is probably just your standard regulatory capture.

    Nothing unusual here.

    • (Score: 2) by c0lo on Tuesday July 23 2019, @01:03AM (3 children)

      by c0lo (156) Subscriber Badge on Tuesday July 23 2019, @01:03AM (#870154) Journal

      It is probably just your standard regulatory capture.

      Don't blame me, I didn't capture anything (grin)

      Nothing unusual here.

      Naming it "regulatory capture" doesn't take it outside the more general "corruption" phenomenon.
      It's nasty what corruption does to society when it gets over a certain level (one of the reason I chose to emigrate).

      --
      https://www.youtube.com/watch?v=aoFiw2jMy-0 https://soylentnews.org/~MichaelDavidCrawford

      • (Score: 2) by PartTimeZombie on Tuesday July 23 2019, @01:15AM (2 children)

        by PartTimeZombie (4827) on Tuesday July 23 2019, @01:15AM (#870160)

        I promise to stop blaming you for this in future.

        You're right, regulatory capture is just another example of corruption, but it is pretty common in western countries and just something we will have to live with, at least until the revolution comes. ;-)

        • (Score: 2) by c0lo on Tuesday July 23 2019, @01:43AM (1 child)

          by c0lo (156) Subscriber Badge on Tuesday July 23 2019, @01:43AM (#870166) Journal

          I promise to stop blaming you for this in future.

          Good. 'cause anyone in my dungeon is there consensually (grin)

          and just something we will have to live with, at least until the revolution comes. ;-)

          Used to somewhat work in the old days, on the lines of:

          Now the rabble wouldn't have it, they was angry with me
          They built a big old razor called the guillotine

          But I don't think is going to work as such today. Not against the actual captors anyway.

          --
          https://www.youtube.com/watch?v=aoFiw2jMy-0 https://soylentnews.org/~MichaelDavidCrawford