![]() ![]() The credit bureau will also make changes to their business practices to help keep consumer information secure. Under the terms of the Equifax class action lawsuit settlement, the company will pay at least $380.5 million into a restitution fund and an additional $125 million to cover out-of-pocket costs if the restitution fund is used up. Equifax data breach class action settlement benefits The credit bureau does not admit any wrongdoing by settling the case against them. In November 2017, plaintiffs filed an Equifax lawsuit claiming the credit bureau failed to protect consumer information.Įquifax reached a settlement with the plaintiffs to resolve claims that their poor cybersecurity resulted in the breach of millions of consumers’ private information. In 2017, the largest data breach of personal and financial information in American history occurred, involving almost half of the country’s population. Under the Settlement, Equifax will pay, on a claims-made basis, up to 5.5 million into an escrow account out of which the Settlement Administrator will make. If you filed a claim, keep an eye out for your payment. ![]() Payments for claims filed for out-of-pocket losses, time spent, and other cash benefits are now being sent. ![]() The Equifax class action lawsuit settlement will benefit any of the estimated 147 million people affected by the September 2017 Equifax data breach. In 2017, Equifax announced a breach that exposed the personal data of approximately 147 million people.
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