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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

1. "takyon" - https://soylentnews.org/~takyon/
2. "Equifax to Pay at Least $650 Million in Largest Data-Breach Settlement Ever" - https://www.nytimes.com/2019/07/22/business/equifax-settlement.html
3. "settlement documents" - https://int.nyt.com/data/documenthelper/1484-proposed-equifax-data-breach-s/cd3e6bc513a9ba71c129/optimized/full.pdf#page=1
4. "Ars Technica" - https://arstechnica.com/tech-policy/2019/07/equifax-to-pay-575m-for-data-breach-promises-to-protect-data-next-time/
5. "Lawsuits Aim Billions in Fines at Equifax and Ad-Targeting Companies " - https://soylentnews.org/article.pl?sid=18/11/12/0431203
6. "The True Cost of a Data Breach " - https://soylentnews.org/article.pl?sid=18/11/03/233210
7. "Equifax Admits 2.5 Million More Americans Were Affected by Cyber Theft " - https://soylentnews.org/article.pl?sid=17/10/09/157214
8. "Equifax Data Breach Could Affect 143 Million Americans [Updated] " - https://soylentnews.org/article.pl?sid=17/09/08/0120202
9. "Original Submission" - https://soylentnews.org/submit.pl?op=viewsub&subid=35184

printed from SoylentNews, Equifax Agrees to Pay $650 Million Settlement for Data Breach on 2024-04-16 18:35:38