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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.
Having been the "primary" in a class action I can tell you that I got nothing more than anyone else in the class. The attorneys got a hell of a payday though...
According to the company’s most recent financials, Equifax basically has nothing solid with which to compensate you and no way of getting anything. As of June 30, it had already had a negative balance of minus $3 billion — meaning it had $1 billion in cash and equivalents, but owed $4 billion in short- and long-term liabilities. There’s no money there for you.
And pretax income over the past 12 months was $811 million, according to FactSet.
That’s a big, fat $5.67 per potential victim per year.
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that all bills in Congress rolling back and or pushing for less regulation of credit/finance companies have either been withdrawn or placed on hold by their sponsors.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.
I hope you're right, Bugsy. That would be a good sign!
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that all bills in Congress rolling back and or pushing for less regulation of credit/finance companies have either been withdrawn or placed on hold by their sponsors.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.
Of which Equifax was a big lobbier. They spent $500K in the first 6 months of 2017 lobbying Congress for less regulation.
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