Equifax Negligent in Data Breach, Community Banks Allege

A U.S. small banks trade group sued Equifax Inc. Nov. 28 seeking to recover consumer notice, payment card replacement, fraud reimbursement, and other costs faced by community banks affected by the consumer reporting company’s breach of more than 145 million records.

Independent Community Bankers of America’s (ICBA) class complaint is seeking to recover costs that member banks had to bear as a result of what it alleged is Equifax’s lax data security that allowed the massive breach (Indep. Cmty. Bankers of Am. v. Equifax, Inc., N.D. Ga., Case number unavailable, complaint filed 11/28/17).

The Atlanta-based credit reporting company ...