Equifax Agrees to Pay $650 Million Settlement for Data Breach
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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