Breach, Data Security

Equifax class action suit settled

A Georgia court gave final approval for Equifax’s $380.5 settlement in response to a class action suit brought for the September 2017 data breach that exposed the PII of 148 million customers.

Judge Thomas W. Thrash of the Northern District of Georgia ordered Equifax to place the money in a fund from which victims can draw up to $20,000 each in compensation for out-of-pocket losses, reported BloombergLaw. The ruling also allows for Equifax to have to make available to the fund an additional $125 million if it is needed.

Those named in the class action also will receive 10 years of credit monitoring and the company must pay $1 billion for improved data security.

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