Equifax, the credit consumer reporting agency, will have to pay at least $650 million to resolve most claims stemming from the 2017 data breach that exposed the personal data of more than 147 million consumers, the New York Times reported. A federal judge in Atlanta approved the settlement on July 22. This is the largest data breach settlement thus far, surpassing the $148 million penalty Uber agreed to last year, BBC reported. The settlement is the result of investigations by two US federal agencies, Consumer Financial Protection Bureau and Federal Trade Commission, and 48 state attorney generals. Massachusetts and Indiana sued the company separately; their suits haven’t been resolved yet. The company had set aside $690 million last quarter to cover the potential costs. The current settlement figure of $650 million is roughly what the company earns in sales in a quarter. In 2018, the company earned $300 million on sales of $3.4 biliion. Who is compensated? Victims who lost money People who suffered through the hassles of phone bank trees Credit card customer service lines can bill Equifax $25 for their time However, it is not clear who will be approved for compensation because their identities were stolen. Terms of the settlement According to settlement documents, Almost half the amount, $300 million, will go to American consumers harmed by the breach; Equifax will add up to $125 million if this fund is depleted Consumers who can show they suffered direct costs following the breach, will be eligible for restitution,…
