22 (next week) to claim benefits.Īffected consumers can either sign up for 10 years of free credit monitoring (for the equal cost of $125) or apply for a cash payout, which would make them eligible for up to $20,000 a cash payout would cover serious repercussions from the breach like losses from unauthorized charges to victims’ accounts or the cost of freezing their credit report.Įquifax, which handles data associated with more than 820 million customers and 91 million businesses worldwide, has been under public scrutiny since September 2017 when it disclosed the data breach. Claim DeadlineĬlass members have until Jan. If all 147 million class members end up signing up for credit monitoring (or the equal cost of $125 each), Equifax may need to pay out $2 billion more, the settlement said. It should also be noted that of the 147 million affected by the data breach, approximately 15 million are part of the class action lawsuit. Other CostsĪs part of the settlement, the company will also need to pay at least $1 billion for improved security, as well as $175 million to 48 states in the U.S and and $100 million in civil penalties to the Consumer Financial Protection Bureau (CFPB).Įquifax will also need to pay $1.4 billion in litigation expenses and $77.5 million as a percentage based fee, according to Bloomberg. The July 2019 proposal was subject to the federal court’s Monday approval. The $380.5 million for affected consumers is slightly more than the $300 million proposed previously by the Federal Trade Commission (FTC) in July 2019. The settlement cost will also cover attorneys’ fees, expenses and administration costs. The $380.5 million will be placed into a fund for consumers affected who are part of the class outlined in the lawsuit. “We are pleased that the Court approved the settlement, which provides significant benefits for consumers whose information was impacted in the 2017 breach,” an Equifax spokesperson told Threatpost. In addition, Equifax may be required to dole out an additional $125 million “if needed to satisfy claims for certain out-of-pocket losses.” A Georgia court granted final approval for an Equifax settlement in a class-action lawsuit, after the credit-reporting agency was hit by its massive 2017 data breach.Įquifax will pay $380.5 million to settle lawsuits regarding the 2017 data breach, the Atlanta federal judge reportedly ruled this week.
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