ClassAction, a website that offers consumers an opportunity to file class action lawsuits over unfair business practices and data breaches has filed a lawsuit against Equifax. The suit alleges that the company violated federal law by not disclosing their data breach sooner. ClassAction’s president Chad Vanderhoeven said that they hope this is just one of many lawsuits filed in response to the recent hack.
ClassAction.com has filed a lawsuit against Equifax for the recent data breach that occurred in September 2017. ClassAction.com is seeking $70 billion in damages, which would be one of the largest payouts ever made by a company. The settlement payout date is yet to be determined, but it may take years before anything will happen. Read more in detail here: equifax data breach settlement payout date.
Attorney John Yanchunis of ClassAction.com filed a class action complaint against Equifax, one of the three major credit reporting companies in the United States, for a data breach that might have exposed 143 million customer information yesterday. The case was filed in Georgia’s Northern District.
Check out the Complaint
From mid-May to July 2017, unauthorized individuals had access to customers’ names, Social Security numbers, birth dates, residences, and (in some circumstances) driver’s license information, according to Equifax. Equifax also confirmed that the company had accessed the credit card details of around 209,000 Americans.
Plaintiffs in the lead Equifax, according to Jamie McGonnigal and Brian Spector, failed to adequately protect and preserve customers’ personally identifiable information, allowing thieves to access their personal and financial information.
Equifax identified the intrusion on July 29, more than a month before making the public announcement.
Equifax could not only have averted the data breach, but they also failed to tell customers in a timely way after it was detected, according to the lawsuit. Equifax confirmed discovering a hack on July 29, 2017, but did not notify the public until more than a month later.
Mr. McGonnigal and Mr. Spector claim that their personal and financial information was stolen as a result of the company’s negligence and failure to properly safeguard consumers’ records, and that they had to pay out-of-pocket for identity theft protection and unauthorized use of their financial accounts.
They further claim that since thieves have access to their personal and financial information, they would certainly suffer future damage.
The Equifax data breach is “shocking,” according to the lead attorney.
Members of the class action are represented by John Yanchunis, one of the country’s top data breach lawyers. He is now serving as lead counsel in one of the biggest class action lawsuits in history, the Yahoo data breach case.
Mr. Yanchunis also represented clients in data breach claims against Home Depot Inc. and Target Corp., which were resolved for $13 million and $10 million, respectively. Mr. Yanchunis, who has sued some of the world’s greatest data breaches, termed the Equifax incident as “shocking” when questioned about it.
“Equifax has one of the greatest databases of customer information, and they should have been better prepared for any attack,” he added.
Managers at Equifax sold stock before the breach was revealed.
The discovery of the data breach was accompanied by the revelation that three executives had sold their Equifax shares soon before the announcement. Mr. Yanchunis said that the data breach may warrant punitive damages after learning of the circumstances.
“The compromise was detected on July 29th, according to Equifax. What it hasn’t said is why it took so long to reveal the security breach “he said. “The profiteering leading up to the company’s announcement is incredible.”
“The profiteering leading up to the company’s announcement is incredible.”
Plaintiffs are seeking statutory damages under the Fair Credit Reporting Act (“FCRA”) and state consumer protection statutes, as well as reimbursement of out-of-pocket expenses and other compensatory damages, credit monitoring services beyond Equifax’s current two-year offer, and an order requiring Equifax to improve its data security measures.
ClassAction.com filed a lawsuit against Equifax for the data breach that occurred on July 29, 2017. ClassAction.com is asking for $5 million in damages and an injunction to stop Equifax from further collecting information about people who have been affected by the breach. Reference: has anyone received money from equifax settlement.
Frequently Asked Questions
Has anyone received money from Equifax breach?
How much will I get from Equifax settlement?
A: It is difficult to answer this with complete accuracy as settlement amounts are determined on a case-by-case basis. However, if you were able to make your claim through the Equifax website or by contacting them directly, then it will likely be 15% of what they originally paid out for your claim amount.
How do you get a settlement check?
A: The most common way to get a settlement check is through an online payday loan company. These companies charge interest, so we advise you not to take them out unless you are able to repay the loan within a short period of time.
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