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A class action seeking $70 billion to be shared across potentially 143,000,000 members of the plaintiff class.
That comes out to less than $500 per plaintiff, if all eligible class members participate. And that doesn't account for the lawyers' cut, which will be at least 30%. Probably comes out closer to $300.00 per class member on a net basis.
That's not going to be too much help to someone who had to spend $5,000 in funds and time to repair their credit and restore their identity because EFX made it far too easy for some scuzzball to appropriate their identity data in the first place. Even if that person gets their share of the settlement, they're still $4,700 in the hole.
This sort of thing makes me pretty much dislike class action suits.
Lawyers get rich, first person to hire lawyers for the suit gets a good settlement, the rest of the people who signed on to shore up their case, but are also victims get a pack of Tic-Tacs and a fridge magnet.
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class action seeking to represent 143 million consumers alleges company didn’t spend enough on protecting data.
The case was filed by the firm olsen daines pc along with geragos & geragos, a celebrity law firm known for blockbusterclass actions. Ben meiselas, an attorney for geragos, said the class will seek as much as $70 billion in damages nationally.
And to think the conservatives want even LESS regulation and oversight on these big companies who have our personal data.
Not no more they don't. *LOL*
Media reports over the past few days since this Equifax hot mess broke is that all bills in Congress rolling back and or pushing for less regulation of credit/finance companies have either been withdrawn or placed on hold by their sponsors. Even the most ardent and deep GOP conservative knows they have nil chance of getting the bills passed into law (if they ever did in first place), plus the optics of doing so at moment are just bad.
People have started to experience data loss and theft in a new way. Breaches have settled into a kind of modern malaise, akin to traffic or errands. They are so frequent and so massive that the whole process has become routine.
With over half of the entire U.S. adult population potentially exposed by the Equifax breach, what’s left to do but shrug and sigh?
Equifax appears to have leaned into the new malaise, treating this massive breach with the bureaucratic apathy one might expect from a big, faceless credit-reporting agency—a company everyone must use, but no one chooses to.
More than anything, it suggests that a corner has been turned in corporate consumer data responsibility. Like severe weather, breaches have become so frequent and severe that they can begin receding from prominence. No matter their grievous effects, Equifax’s response suggests that fatalism might replace responsibility, planning, and foresight. This is just what happens now.
The new normal. Until the next new normal. Isn't technology great?
I am wondering if that is legal. I am not sure Equifax can contract away their obligations under the Fair Credit Reporting Act. Not sure though.
Quote:
Originally Posted by petch751
if you want to find out if your data might have been exposed, you waive your right to sue the Atlanta-based company. We're not making this up. The company has now published a website allowing consumers to input their last six digits of their Social Security numbers to find out.
There is some fine print that allows you to opt out of arbitration if you notify Equifax in writing within 30 days of "accepting this agreement." And the terms also allow you to go to small claims court to individually handle your grievance.
The Equifax breach just nullified the entire credit industry!
Who's going to trust anything from any credit agency?
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