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Altaba settles Yahoo breach cases for $47M

Altaba Inc, formerly known as Yahoo! Inc, said that it has settled three ongoing legal cases relating to Yahoo’s previously disclosed data breaches for $47 million, reports Reuters. In a filing with the US Securities and Exchange Commission, Altaba said the settlement “marks a significant milestone in cleaning up our contingent liabilities related to the Yahoo data breach.”

In 2016, Yahoo said at least 500 million accounts were hacked in 2014. The breach included data of names, email addresses, dates of birth, telephone numbers and encrypted passwords of Yahoo customers. At the time, Yahoo said ‘state-sponsored actors’ were behind the attack, although it did not furnish any evidence. The same year, Yahoo reported that it discovered a breach from August 2013 which affected 1 billion of its users.

Both breaches were revealed when talks were ongoing for Verizon to buy Yahoo! Inc. During the first disclosed data breach, Verizon had said that it had a ‘reasonable basis’ to believe the incident represented a material impact and said it may withdraw the $4.8 billion deal. The deal eventually went through, but Verizon cut the price by $350 million.

After Verizon’s acquisition was completed, Yahoo reported that the 2013 breach affected all of its 3 billion users, instead of 1 billion number it initially reported.

Edit: The headline has been updated to remove the year 2014 since the 3 cases are across different years. The error is regretted. 

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