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Equifax reaches $1.4 billion settlement over data breach
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Equifax reaches $1.4 billion settlement over data breach

Equifax has agreed to pay $1.4 billion to settle litigation with 147 million consumers over a massive data breach, according to a court filing Monday

Attorneys who represented the consumers will receive about $77.5 million from the settlement. Equifax Inc. has agreed to pay $575 million, and potentially up to $700 million, as part of the settlement with the Federal Trade Commission (FTC), the Consumer Financial Protection Bureau (CFPB), and 50 US states and territories.

The proposed settlement also requires the company to obtain third-party assessments of its information security activities every two years, and for Equifax to provide an annual update to the FTC about the status of their consumer claims.