Preliminary Approval of Historic Settlement Announced in Equifax Data Breach Class Action


Class members can visit https://www.equifaxbreachsettlement.com/ to learn more about the settlement and claim benefits.

Class Action Settlements Drive $1 Billion in Equifax Business Practice Reforms and over $500 Million in Consumer Relief

In a historic victory for U.S. consumers, credit reporting firm, Equifax (NYSE: EFX), has agreed to settle a nationwide class action stemming from one of the most notorious data breaches in U.S. history. The massive 2017 breach, which exposed the Social Security numbers, birth dates, addresses and, in some cases, the driver’s license and credit card numbers of over 147 million consumers, was resolved in a settlement valued at over $1.5 billion.

Norman Siegel, who chaired the Plaintiffs’ settlement committee, was instrumental in engineering the state-of-the-art settlement that is significant not just for the dollar amount, but also its multifaceted relief for consumers.

The class action settlement includes up to $505.5 million to pay benefits for cash compensation including time spent dealing with the breach, credit monitoring, and assistance with identity restoration. Equifax may have to pay substantially more if greater than 7 million class members enroll in credit monitoring. The settlement also mandates an overhaul of Equifax’s business practices—including its handling of the personal information of consumers nationwide—and requires Equifax to spend at least $1 billion over the next five years to overhaul its data security. The value to the class is even larger. The retail cost of purchasing the same credit monitoring services for the entire class alone would exceed $282 billion.

Co-lead counsel issued a joint press release with statements on the historic settlement available here.

Siegel was appointed co-lead counsel for the consumer plaintiffs in February 2018. The multidistrict litigation alleged Equifax compromised the name, address, social security number and other sensitive personal information of more than 148 million Americans – nearly half of the U.S. population. The Consolidated Amended Complaint, which was also filed in 2018, alleged that Equifax was grossly negligent in maintaining and securing the personal information of millions of consumers.

Equifax had attempted to quash the claims with a motion to dismiss. However, on January 28, 2019, Chief Judge Thomas W. Thrash, Jr., of the U.S. District Court for the Northern District of Georgia, ruled that consumer plaintiffs’ claims would continue in the federal multidistrict litigation.

This settlement marks the most recent success for the firm’s industry-leading data breach and cybersecurity litigation practice. Stueve Siegel Hanson attorneys have prosecuted cases involving the largest data breaches in U.S. history, securing billions of dollars in relief for affected consumers. For more information about our data breach practice, click here.

News Coverage:

The New York Times: https://www.nytimes.com/2019/07/22/business/equifax-data-breach-claim.html

Ingrams: https://ingrams.com/article/steuve-siegel-chalks-up-huge-win-in-1-5b-equifax-case/

Kansas City Business Journal: Stueve Siegel Leads Equifax Settlement

 

  • Our pick for bet-the-company litigation

    - CEO, Heartland Spine & Specialty Hospital
  • Stueve Siegel Hanson 'beats the big guys in court'

    - Modern Healthcare covering SSH landmark anti-trust case
  • Big firm lawyers, small firm service.

    – President – Overlap, Inc.
  • Best of the Bar

    – Kansas City Business Journal
  • One of the best plaintiff’s lawyers in the country.

    – Lawdragon Magazine

Contact Us

success

AWARDS & RECOGNITION

  • Benchmark Plaintiff

    Benchmark Plaintiff

  • Commercial Litigation

    Commercial Litigation

  • Super Lawyers 2017

    Super Lawyers 2017

  • American Association for Justice

    American Association for Justice

  • Best Lawyers

    Best Lawyers

The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for advice regarding your individual situation. We invite you to contact us and welcome your calls, letters and electronic mail. Contacting us does not create an attorney-client relationship. Please do not send any confidential information to us until such time as an attorney-client relationship has been established.

The choice of a lawyer is an important decision and should not be based solely upon advertisements.