That’ll be nice for some lawyers. I’d prefer to see severe civil and/or criminal penalties for the senior management folks who allowed this to happen on their watch. Expect many more breaches of this magnitude until C-levels start to feel the consequences of their negligence.
Equifax Faces Multibillion-Dollar Lawsuit Over Hack
21–30 of 670 posts
Re: Equifax Faces Multibillion-Dollar Lawsuit Over Hack
#22I'm not excited about this class action; If they win, the individual payout will be almost nothing ($10?). The lawyers are the only ones who will really "make out" with 10's of millions in fees. There is also a disproportionate effect in that a small portion of the 143 million affected will have a large impact, i.e., "identity theft" while most will be unaffected. I think a fund setup to help those who are directly a…
I don't really care where the money goes. I think that having one catastrophic event (huge lawsuits or fines leading to bankruptcy) for a corporate entity because of negligent security measures may lead other board rooms to move security measures up their priority list.
Re: Equifax Faces Multibillion-Dollar Lawsuit Over Hack
#23Anyone have a good source for an unbiased (i.e. not trying to sell me something) "what exactly should I do" now? File for the class action? Freeze my accounts? Get identity protection?
How did you find out if you were affected?
Re: Equifax Faces Multibillion-Dollar Lawsuit Over Hack
#24I'm not excited about this class action; If they win, the individual payout will be almost nothing ($10?). The lawyers are the only ones who will really "make out" with 10's of millions in fees. There is also a disproportionate effect in that a small portion of the 143 million affected will have a large impact, i.e., "identity theft" while most will be unaffected. I think a fund setup to help those who are directly a…
IMO, the best outcome would be to put Equifax out of business. I have had my identity stolen and they were complicit in enabling the fraud against me. Once you tell them you're NPI has been compromised, they get incredibly passive aggressive against you and refuse to allow you to manage the situation (i.e. they won't let you unlock your credit to apply for a mortgage). In short, this breach of public "trust" is only…
I'm not so sure about that, the data they have just gets resold to some other party when they go bankrupt, possibly many other parties and shit gets worse.
Re: Equifax Faces Multibillion-Dollar Lawsuit Over Hack
#25The super fucked up part is that it automatically signs you up for their "Credit protection" if you use their site to see if you were impacted. Doesn't ask if you'd like to, just says "Thanks for signing up, your year starts now!"
do the TOS require one to only go through mediation as a part of this, so by signing up you waive your right to sue?
I'm curious as to wether any lawyers here can chime in on how well this TOS would hold up in court. I know when I went to check I was never shown the TOS or even a checkbox that needed to be checked to confirm that I agreed to the ToS with a link to them. It feels like the ToS are what comes with the ID protection service and were meant to apply only to lawsuits that might arise from using the ID protection service, but IANAL.
Re: Equifax Faces Multibillion-Dollar Lawsuit Over Hack
#26I'm not excited about this class action; If they win, the individual payout will be almost nothing ($10?). The lawyers are the only ones who will really "make out" with 10's of millions in fees. There is also a disproportionate effect in that a small portion of the 143 million affected will have a large impact, i.e., "identity theft" while most will be unaffected. I think a fund setup to help those who are directly a…
IMO, the best outcome would be to put Equifax out of business. I have had my identity stolen and they were complicit in enabling the fraud against me. Once you tell them you're NPI has been compromised, they get incredibly passive aggressive against you and refuse to allow you to manage the situation (i.e. they won't let you unlock your credit to apply for a mortgage). In short, this breach of public "trust" is only…
> they won't let you unlock your credit to apply for a mortgage
So how do you recover from something like that? Are you basically prevented from using credit for the rest of your life?
Re: Equifax Faces Multibillion-Dollar Lawsuit Over Hack
#27Anyone have a good source for an unbiased (i.e. not trying to sell me something) "what exactly should I do" now? File for the class action? Freeze my accounts? Get identity protection?
A buddy of mine sent me this reddit thread, I'm reading through it still and don't have much finance/credit knowledge, but it seems legit and unbiased to me so far:
https://www.reddit.com/r/personalfinance/comments/6yv4gb/off...
Would be interested in hearing other opinions on what's being said there, especially regarding using the www.equifaxsecurity2017.com site and legal rights.
Re: Equifax Faces Multibillion-Dollar Lawsuit Over Hack
#28The super fucked up part is that it automatically signs you up for their "Credit protection" if you use their site to see if you were impacted. Doesn't ask if you'd like to, just says "Thanks for signing up, your year starts now!"
Actually, since I'm affected, I got a different message. It's even worse. They gave me a date in September that I have to remember to come back and sign up for. It's the equivalent of grabbing a ticket in the deli line. Look at this text: "Please be sure to mark your calendar as you will not receive additional reminders. On or after your enrollment date, please return to faq.trustedidpremier.com and click the link to…
How can they justify that? This is 2017. It is stupid easy for them to send out reminders, once a day if need be.
At what point do we finally tell abusive companies like this that they're no longer allowed to be a company?
Re: Equifax Faces Multibillion-Dollar Lawsuit Over Hack
#29I'd love to see the $70B number pan out (though $500 per person is less than the damages, I think) -- Equifax is a $17B company, and would presumably stop existing if that happened. On the other hand, these things always settle out of court, and Equifax certainly won't settle the suit for more than they're worth. I said it elsewhere, but I think the right response is to opt out of the class, and sue for $1000 in smal…
Could we create a service that automates most of the work required to sue in SCC?
Re: Equifax Faces Multibillion-Dollar Lawsuit Over Hack
#30It's a sign of how awful Equifax is that I find myself rooting for the lawfirms in this case. I really hope they win, and that they get the full $70 billion, and that it's enough to shutter Equifax permanently. What a win that would be! Also it would serve as a nice cautionary tale to companies that infosec matters. That insurance for data breaches matters.
Because right now, it's too easy for them to not care. It's us that suffer the consequences, not them. That has to change.