Security News > 2020 > January > Equifax Settles Class-Action Breach Lawsuit for $380.5M

The $380.5 million will be placed into a fund for consumers affected who are part of the class outlined in the lawsuit.

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.

If all 147 million class members end up signing up for credit monitoring, Equifax may need to pay out $2 billion more, the settlement said.

Equifax, 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.

"Equifax failed to take basic steps that may have prevented the breach that affected approximately 147 million consumers. This settlement requires that the company take steps to improve its data security going forward, and will ensure that consumers harmed by this breach can receive help protecting themselves from identity theft and fraud."

News URL

https://threatpost.com/equifax-settles-class-action-lawsuit/151873/