Wendy’s Shareholders Settle Securities Data Breach Action

The Wendy’s Co. shareholders have settled with the fast-food giant over claims that the board and executives didn’t uphold their fiduciary duties following a 2015 data breach of its payment card system.

The deal, reached May 6 in the U.S. District Court for the Southern District of Ohio, would create a board-level technology committee with oversight of the company’s cybersecurity infrastructure protections, require the company to continue a franchisee advisory counsel, give franchisees “foundational security services,” and implement policies and procedures aimed at stopping future cyberattacks.

The settlement “provides substantial benefits” to Wendy’s and the shareholders by improving the board’s ...