Security News > 2020 > January > Court Approves Equifax Data Breach Settlement

On January 13, 2020, a federal court approved the proposed settlement for the class action suit filed against Equifax over the massive data breach it disclosed in September 2017.

As announced in July 2019, impacted individuals have until January 22, 2020, to submit claims for the free credit monitoring services or the alternative reimbursement compensation offered in the settlement, to receive reimbursement for Equifax services, or to receive reimbursement for out-of-pocket losses and/or time spent dealing with the data breach.

The court also revealed that Equifax has agreed "To spend a minimum of $1 billion for data security and related technology over five years and to comply with comprehensive data security requirements," which should reduce the likelihood of a similar data breach in the future.

"Equifax's binding financial commitment to spend $1 billion on data security and related technology substantially benefits the class because it ensures adequate funding for securing plaintiffs' information long after the case is resolved," the court says.

Individuals who might have been impacted by the data breach can head over to the Equifax data breach settlement website to file a claim.

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