Regardless, I’m off to pump a few “free” gallons of gas. Cash Payments (capped at 20,000 per person).
Equifax settlement payment free#
If these consequences neither deter future cyber-negligence nor compensate victims for harms experienced, what, then, are they for? Unfortunately, some argue they are ‘mostly exercises in public relations,’ remediating the reputation of both regulators and companies alike.” If you were a minor in May 2017, you are eligible for a total of 18 years of free credit monitoring. Settlements like the Equifax one “neither affect the business practices of these global giants, nor do they provide adequate remedies for the victims harmed. “Even when companies are unquestionably at legal fault, the victims of data malfeasance are frequently unable to receive adequate compensation, if anything at all,” writes Indiana University law professor Joao Marinotti in an NYU Law Review article. While I’m happy to have a few more dollars in my bank account, I’d be even happier if Equifax had been truly held accountable for its egregious data breach. Even if the average payment were $15, that would mean close to 10 million Americans filed a claim, or 6.7%. If it were $5.20, that would mean 28 million Americans filed a claim, or close to 20% of eligible individuals. Payments for claims filed for out-of-pocket losses. It is hard to know the average payment made by Equifax, but it appears to be quite low. In 2017, Equifax announced a breach that exposed the personal data of approximately 147 million people. I questioned this forecast in 2019: “was it reasonable to assume that only 248,000 would want to at least get some money back after Equifax’s egregious handling of their data? Was it reasonable to assume that there wouldn’t be more anger and a desire to make Equifax pay for its security lapses?” That translates to a forecasted claim rate of 0.17%. Under the Court-approved settlement, a consumer restitution fund of up to 425 million was created to pay for three-bureau credit monitoring for consumers whose information was impacted in the 2017 breach, actual out-of-pocket losses related to the breach, and other consumer benefits such as identity restoration services. 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.
With a purported settlement payment of $125 and a fixed pot of $31 million, Schoshinski appears to have calculated that only 248,000 Americans would file a claim and ask for the cash payment. In 2017, Equifax announced a breach that exposed the personal data of approximately 147 million people.
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