Equifax Faces Multibillion-Dollar Lawsuit Over Hack • Hacker News Board

Re: Equifax Faces Multibillion-Dollar Lawsuit Over Hack

#61

Post by criddell » Fri, Sep 08, 2017, 4:36 PM UTC

hedora wrote: post #17

I'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…

If they are out of business, they sell their assets which are office chairs, fax machines, and a giant database with information on everybody. Are you not worried about the sale of that data?

Re: Equifax Faces Multibillion-Dollar Lawsuit Over Hack

#62

Post by nashashmi » Fri, Sep 08, 2017, 4:36 PM UTC

ovao wrote: post #36

hedora wrote: post #17

I'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…

Why $1,000? And how would you prove damages equaling that amount?

You could prove how much it will cost to buy service that will protect your identity for a period of time.

Re: Equifax Faces Multibillion-Dollar Lawsuit Over Hack

#63

Post by oh_sigh » Fri, Sep 08, 2017, 4:36 PM UTC

zimbatm wrote: post #43

How does Equifax build their database of people exactly? If it's all based on public information then they could argue that it's not really a leak. They are merely interpreting public information to build credit score. If guess for subscribers they could get more information than publicly accessible. What fraction does it represent?

Private companies report information about you to the big agencies, and then they blend in public information. So it is a mix of public and private information.

Re: Equifax Faces Multibillion-Dollar Lawsuit Over Hack

#64

Post by jfindley » Fri, Sep 08, 2017, 4:40 PM UTC

ethanwillis wrote: post #34

hedora wrote: post #17

I'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…

Can I actually do this? Cause if I can I'm totally doing this.

IANAL, but I think you'd find it virtually impossible to show $1000 of direct, material damages as a result of having your information leaked[0] and to the best of my knowledge this is the only sort of claim that small claims courts allow - I believe they do not allow punitive damages, nor theoretical ones.

0: Unless your info is actually used in a way that harms you, and you can prove that it was a result of this, but that seems unlikely to be true for the majority of affected people.

Re: Equifax Faces Multibillion-Dollar Lawsuit Over Hack

#65

Post by airza » Fri, Sep 08, 2017, 4:40 PM UTC

criddell wrote: post #61

hedora wrote: post #17

I'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…

If they are out of business, they sell their assets which are office chairs, fax machines, and a giant database with information on everybody. Are you not worried about the sale of that data?

i think that cat's already out of the bag..?

Re: Equifax Faces Multibillion-Dollar Lawsuit Over Hack

#66

Post by billh » Fri, Sep 08, 2017, 4:41 PM UTC

hedora wrote: post #17

I'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…

This class action will likely be settled in the same way the Ticketmaster case was settled ... with a coupon book good for 2 free credit reports.

Re: Equifax Faces Multibillion-Dollar Lawsuit Over Hack

#67

Post by ymerej » Fri, Sep 08, 2017, 4:41 PM UTC

cmiles74 wrote: post #42

waynenilsen wrote: post #20

Earlier quoted context omitted.

I think this comment is missing the fact that Equifax will be financially punished as a result, possibly resulting in better systemic security overall.

I don't think this logically follows. More likely, Equifax will settle out of court for a much smaller sum. At that point there's now a literal dollar amount associated with a data breach. Perhaps some math will be done, proving out that there would need to be "N" number of breaches before the cost of settling out-of-court for the breaches would be more expensive then materially changing the way they manage data. And…

I would guess they've already done this calculation. Similarly, due to externalities, the cost (to banks) of credit card and similar fraud is small compared to the expense of preventing it.

Re: Equifax Faces Multibillion-Dollar Lawsuit Over Hack

#68

Post by [deleted] » Fri, Sep 08, 2017, 4:42 PM UTC

airza wrote: post #65

criddell wrote: post #61

Earlier quoted context omitted.

If they are out of business, they sell their assets which are office chairs, fax machines, and a giant database with information on everybody. Are you not worried about the sale of that data?

i think that cat's already out of the bag..?

[deleted]

Re: Equifax Faces Multibillion-Dollar Lawsuit Over Hack

#69

Post by runesoerensen » Fri, Sep 08, 2017, 4:44 PM UTC

NYS Attorney General on the arbitration/rights waiver clause: "This language is unacceptable and unenforceable. My staff has already contacted @Equifax to demand that they remove it." https://twitter.com/AGSchneiderman/status/906195350532304896

Also: "I am launching a formal investigation into the #Equifax breach. Today, I sent a letter to @Equifax seeking additional information." https://twitter.com/AGSchneiderman/status/906197644841766912

Re: Equifax Faces Multibillion-Dollar Lawsuit Over Hack

#70

Post by jjm » Fri, Sep 08, 2017, 4:45 PM UTC

It's time for this draconian type of business service be disrupted. It's gotten too big and unregulated.

We often question monopolistic behavior with regard to market share and competition for physical goods. However we don't see this type of questioning with regard to data monopolies. Hate to say it that while I enjoy the use of Google and Facebook, they may also fall into this arena. Though with those companies at least an order of magnitude worth of effort MORE is expended on some form of heightened security, communication, and standards primary thru tertiary of their core offering.