When hackers steal consumer data from a major company, the fallout is depressingly familiar: The corporation comes to a settlement with class action lawyers, who get paid nicely, while most of the victims of the breach get credit monitoring or nothing at all.
Equifax, which recently presided over one of the worst data breaches in history, is likely to be a different story.
Unlike like other high profile data breaches, the credit bureau will probably have to pay actual money to consumers as compensation for its sloppy security practices.
According to Chicago attorney Jay Edelson, the lawsuits “if done right” will see Equifax pay more than $1 billion with much of that cash going directly to the over 143 million consumers who had personal data like their birthdates and Social Security numbers stolen. He predicts the lawsuits will be settled in less than two years, meaning many consumers would be in line to get at least a small check.continue reading »