Yahoo reaches revised $117.5 million data breach settlement

Shawn Knight

Posts: 12,522   +122
Staff member

Yahoo has reached a revised settlement agreement with millions of people who had their personal information stolen in high-profile data breaches in 2013 and 2014.

The settlement must be approved by US District Judge Lucy Koh who struck down an earlier proposal in January. Koh said the first settlement was not fair, adequate and reasonable because it didn’t have an overall dollar value and didn’t indicate how much victims might expect to recover. Legal fees were also too high, the judge said.

John Yanchunis, one of the lawyers for the plaintiffs, said in a court filing that the settlement was the “biggest common fund ever obtained in a data breach case.” Verizon in a statement said it demonstrates their strong commitment to security.

Verizon, who agreed to acquire Yahoo in July 2016, separately committed more than $300 million to information security between 2019 and 2022. That’s more than five times the amount Yahoo spent in that area between 2013 and 2016, Reuters notes.

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Manrubio

Posts: 40   +11
30 Millions in Legal expenses..... So, out of 55 millions this is just 30 millions for the lawyers. Great.. this are the type of lawyers that just keep looking for an opportunity like this.
 

treetops

Posts: 3,007   +758
How do I get that sweet sweet coin? Whoever hacked my yahoo account is probably still getting hounded by creditors.