Equifax, Inc. has agreed to a proposed settlement with a subclass of financial institutions to resolve allegations that it failed to protect the personal data of over 140 million Americans from cyberattack, according to an unopposed motion for preliminary approval filed in the Northern District of Georgia.
The proposed settlement provides for a $5.5 million fund for class member claims and requires Equifax to spend a minimum of $25 million over two years to enhance data security.
via Equifax Offers to Pay Banks $30.5 Million for Data Breach Claims.
