The settlement class consists of approximately 147 million U.S. consumers identified by Equifax whose personal information was compromised as a result of the cyberattack and data breach the company announced Sept. 7, 2017.
The company will deposit the money into a fund from which class members will be able to claim up to $20,000 for out-of-pocket losses, under the order issued by the U.S. District Court for the Northern District of Georgia Monday. If needed, it must add $125 million more for out-of-pocket claims.
Class members will also receive 10 years of credit monitoring or cash compensation if they already have monitoring, and other benefits.
The settlement also requires the company to pay at least $1 billion for improved data security and as much as $2 billion more depending on the number of credit monitoring claims.
Class counsel will receive a percentage-based fee of $77.5 million, reimbursement of $1,404,855.35 in litigation expenses, and service awards of $2,500 for each settlement class representative totaling no more than $250,000 in the aggregate.
Judge Thomas W. Thrash issued the order.
Doffermyre Shields Canfield & Knowles LLC, DiCello Levitt Gutzler LLC, and Stueve Siegel Hanson LLP are plaintiffs’ co-lead counsel. King & Spalding LLP and Hogan Lovells LLP represent Equifax.
The case is In re Equifax, Inc., Customer Data Sec. Breach Litig., N.D. Ga., No. 17-md-2800, 1/13/20.