Equifax nearing $700 million settlement to resolve 2017 data breach

Shawn Knight

TechSpot Staff
Staff member

One of the largest credit reporting firms in the country is nearing a deal to settle multiple state and federal investigations into a 2017 data breach that impacted around 145 million consumers.

Sources familiar with the matter told The Wall Street Journal that Equifax will pay nearly $700 million to the Federal Trade Commission, the Consumer Financial Protection Bureau and most state attorneys general to resolve the matter. The settlement would also clear up a consumer class-action lawsuit, we’re told. Some of the funds would be used to compensate consumers for harm suffered as a result of the breach, sources said.

Equifax in late 2017 said unauthorized activity from mid-May through July 2017 exposed users’ names, Social Security numbers, birth dates, addresses and driver’s license numbers. In some cases, credit card numbers were also compromised.

A settlement could be announced as early as Monday.

Masthead credit: credit bureau report card by Michael D Brown

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SolarisGuru

TS Booster
This is like a slap on the wrist for a company like this. They potentially ruin the lives of up to 145 million people and this is all they get, because once the information is out there it’s out there. What do we get? A year of identity protection? This is disgusting to me.
 
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Uncle Al

TS Evangelist
Once again, make that fine a percentage of gross revenues for the period of time and they will put a lot more into security. Any business that gets hit with a fine of 75-100% of their gross revenue for the past 36 or more months isn't going to just shrug it off and will take the matter a LOT for seriously.