Equifax $30.5 Million Data Breach Settlement Gets Final Approval

Nov. 17, 2020, 6:06 PM

Equifax Inc.'s $30.5 settlement to resolve class claims brought by financial institutions over its 2017 data breach received the Northern District of Georgia’s final approval with no objections and just one would-be member opting out.

A total of $25 million will be allocated to improving Equifax’s internal cybersecurity measures. The remaining $5.5 million will cover class members’ out-of-pocket costs and fixed payment claims.

According to the settlement, out-of-pocket costs include expenses, up to $5,000 per member, directly incurred as a result the breach, including reimbursement amounts paid to customers for fraudulent activity. Class members who submit fixed payment claims will ...

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