Equifax Offers to Pay $30.5 Million for Data Breach (Corrected)

Equifax, Inc. has agreed to a proposed settlement with a subclass of financial institutions to resolve allegations that it failed to protect the personal data of over 140 million Americans from cyberattack, according to an unopposed motion for preliminary approval filed in the Northern District of Georgia.

The proposed settlement provides for a $5.5 million fund for class member claims and requires Equifax to spend a minimum of $25 million over two years to enhance data security.

Specific improvements would include implementation of industry-recognized cybersecurity standards tailored to Equifax’s specific systems and vulnerabilities. It also would require Equifax to submit ...