Equifax Settles 2017 Data Breach for $1.38 Billion

A class action settlement has been proposed in a case against Equifax Inc., relating to the data breach that Equifax announced in September 2017, which affected approximately 147 million U.S. consumers. 

According to the settlement, Equifax will pay $380,500,000 into a fund for class benefits, attorneys’ fees, expenses, service awards and notice and administration costs; up to an additional $125,000,000 if needed to satisfy claims for certain out-of-pocket losses; and potentially $2 billion more if all 147 million class members sign up for credit monitoring. No settlement funds will revert to Equifax. The specific benefits available to class members include: