Equifax Settles CU Suit Over Data Breach Posted by AVCU on 11:53 AM

Equifax has settled a lawsuit with financial institutions, most of which are credit unions, following its 2017 data breach that affected more than 147 million U.S. consumers.

CUNA initially filed the lawsuit and was later joined by both the Pennsylvania and New Jersey credit union leagues, now called CrossState, and dozens of other plaintiffs, including state leagues and individual credit unions seeking to recover costs related to reissuing cards, reimbursing members and more.

In its settlement, Equifax has agreed to:

• Pay up to $5.5 million to settlement class members who submit valid claims documenting unreimbursed out-of-pocket expenses associated with the breach and fraud reimbursement amounts paid to customers between July 6 and Dec. 20, 2017
• Spend a minimum of $25 million over the next two years on relevant data security measures
• Pay settlement costs and court-approved attorneys’ fees, expenses, and service awards