Class Action Lawsuits – Equifax Data Breach
There is a lot to understand in regards to the Equifax data breach, especially if you are considering filing a class-action lawsuit against the company. Read on to learn more about what the scope of the breach was, how to proceed, and how to find a class action lawyer. Also, we will touch on who can file a claim, and what compensation is appropriate. This article will help you understand these issues and make a sound decision.
Equifax data breach
In a recent press conference, Federal Trade Commission Chairman Joe Simons and CFPB Director Kathy Kraninger said they plan to take steps to prevent future breaches of consumer data. However, the FTC said it lacks the authority to enforce civil penalties for first-time breaches. The data breach has caused more than $1.5 billion in damages to consumers. The Equifax breach should serve as a wake-up call for other companies and spur them to take proactive measures to improve their security programs.
The massive data breach caused by the company exposed the Social Security numbers of nearly 150 million people. Equifax has agreed to settle consumer class action lawsuits and pay federal agencies $700 million. The company has also agreed to compensate affected consumers, as well as pay a $100 million civil money penalty. The settlement will go a long way in addressing this problem, but it will take time. As of now, there are no specific deadlines for filing a class-action lawsuit.
Scope of information taken in breach
The massive data breach that affected Equifax occurred last summer. In this breach, hackers accessed the personal information (PII) of 145 million U.S. consumers and a smaller number of UK and Canadian consumers. This breach occurred after hackers gained access to the company’s website application from mid-May to July 2017. In this instance, they gained PII like names, Social Security numbers, birth dates, addresses, driver’s license numbers, and more.
This lawsuit alleges that Equifax failed to disclose the data breach accurately to consumers. Plaintiffs’ claims allege that Equifax failed to identify the hackers responsible for the breach. This claim cites media reports indicating that the SEC is investigating potential insider trading problems in this case. The lawsuit also alleges that Equifax failed to notify consumers of the breach in time, allowing hackers to take their personal information.
Claimants in Equifax lawsuit class action
Over 1,000 individuals and businesses have filed consumer and multi-plaintiff actions against Equifax over the recent breach of their data security. This includes more than 2,500 individual plaintiffs and approximately 50 arbitration claims. Plaintiffs assert a variety of statutory and common law claims. The claims seek monetary damages for the breaches. These suits have been filed in a variety of jurisdictions, including Canada, the U.S., and Europe.
The settlement provides that Equifax will reimburse up to $20,000 to class members and pay up to $25 per hour for up to 20 hours of preventative measures. Equifax also agreed to provide consumers with free credit monitoring and identity restoration for 10 years. This is a substantial amount for most victims of this breach. However, many consumers have been left with less than perfect records and a great deal of debt. The settlement is still ongoing and may not be enough to compensate them.
If you or someone you love has suffered due to the Equifax data breach, you can seek compensation for it. A settlement can provide money for identity theft recovery, fraud recovery, credit freezes, and other expenses related to recovering from the breach. In some cases, you can even file a lawsuit for a class action. Here are some of the reasons why you may be eligible to receive compensation through this lawsuit class. The first reason is that your information was stolen and could be exposed. This data breach affected 147 million people worldwide.
In response to the class action, Equifax has agreed to pay a total of $5.5 million into a separate escrow account. The Administrator will then distribute payments to Settlement Class Members. The company will pay both Fixed Payment Claims and Documented Out-of-Pocket Claims. However, if you already purchased a credit monitoring service, you may be eligible for an additional $125. The other types of compensation cover the cost of fraud and the time you spent dealing with identity theft. If you are unable to provide documentation of your time, Equifax may pay you up to $250 without providing documentation.