![]() Over the next few days, further news and information about the breach became public. On September 8, 2017, the first trading day after the release of the data breach news, Equifax’s stock price had dropped nearly fifteen percent. (On February 10, 2020, four Chinese nationals working for the People’s Liberation Army were indicted in connection with the 2017 breach.) The company also notified law enforcement officials. Upon discovering the breach, the company launched a forensic review to determine the scope of the breach. The credit card numbers of about 209,000 U.S. The information accessed included names, Social Security numbers, birth dates, addresses, and in some instances driver’s license numbers. ![]() The company discovered the breach on July 29, 2017. website vulnerability to gain access to customer information. The company’s press release stated that during the period from at least mid-May through July 2017 criminals had exploited a U.S. On September 7, 2017, Equifax announced a “cybersecurity incident” potentially impacting 143 million U.S. A copy of the parties’ stipulation of settlement can be found here. This settlement has a number of interesting implications, as discussed below. The settlement is subject to court approval. On February 13, 2020, the parties to the Equifax data breach-related lawsuit filed a stipulation of settlement stating that the case has been settled based on the defendants’ agreement to pay $149 million. While the plaintiffs’ track record in data breach-related D&O lawsuits so far has not been good, a recent development could suggest that that has changed. These suits have largely been unsuccessful, with the exception of the lawsuits filed against Yahoo in the wake of that company’s data breach. Over the last several years, plaintiffs’ lawyers have filed a number of D&O lawsuits against companies that had been hit with a cybersecurity incident.
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