Equifax removed the $125 claim payout option after millions submitted claims • Hacker News Board

Re: Equifax removed the $125 claim payout option after millions submitted claims

#21

Post by SilasX » Wed, Jul 31, 2019, 10:43 PM UTC

adonnjohn wrote: post #15

SilasX wrote: post #7

Earlier quoted context omitted.

That just means the $31 million cap was ridiculously low.

And it was. Does anybody really believe that the damages caused by the hack was only in the tens of millions? That information is precious and the moment that it's stolen, it's stolen for good.

Amen. On what planet did they think there would be more people than dollars worth of damage?

Re: Equifax removed the $125 claim payout option after millions submitted claims

#22

Post by yawaramin » Wed, Jul 31, 2019, 10:46 PM UTC

ilrwbwrkhv wrote: post #2

why do we even use these companies?

We don't use them. We get used by them.

Re: Equifax removed the $125 claim payout option after millions submitted claims

#23

Post by adventured » Wed, Jul 31, 2019, 10:46 PM UTC

gopher2 wrote: post #19

I'll accept my payment in stock.

Up 56% since December. Given their lack of cash and assets, shares ($16 billion market cap) are indeed the better option for compensating the people that they've harmed.

One share per person at a present $139, would almost work out (120m share float).

Re: Equifax removed the $125 claim payout option after millions submitted claims

#24

Post by jarym » Wed, Jul 31, 2019, 10:52 PM UTC

The US govt (well the FTC but its pretty much the 'US Gov' in this situation) has just put a value on your personal and most sensitive data. And its about 5 cents.

Re: Equifax removed the $125 claim payout option after millions submitted claims

#25

Post by OrgNet » Wed, Jul 31, 2019, 10:54 PM UTC

SilasX wrote: post #21

adonnjohn wrote: post #15

Earlier quoted context omitted.

And it was. Does anybody really believe that the damages caused by the hack was only in the tens of millions? That information is precious and the moment that it's stolen, it's stolen for good.

Amen. On what planet did they think there would be more people than dollars worth of damage?

they probably paid 30 millions in bribes to politicians to make this happen

Re: Equifax removed the $125 claim payout option after millions submitted claims

#26

Post by ceejayoz » Wed, Jul 31, 2019, 10:54 PM UTC

jumelles wrote: post #16

Isn't the obvious answer here to just make Equifax pay more money?

Settlements tend to be “no backsies” by the time they get to the “file your claim” stage.

Re: Equifax removed the $125 claim payout option after millions submitted claims

#27

Post by aeternus » Wed, Jul 31, 2019, 10:55 PM UTC

1f60c wrote: post #13

noodlesUK wrote: post #6

Surely the FTC and Equifax saw this coming? 150m people were included in the breach. Only 31m USD was allocated to give anyone who claimed 125 USD? How on earth did they do this math?

Maybe they didn't expect most people to follow up on this?

Online is just too easy for people to follow up. Most class-actions require mailing in a form so probably have much lower participation rates.

Re: Equifax removed the $125 claim payout option after millions submitted claims

#28

Post by [deleted] » Wed, Jul 31, 2019, 11:02 PM UTC

aeternus wrote: post #27

1f60c wrote: post #13

Earlier quoted context omitted.

Maybe they didn't expect most people to follow up on this?

Online is just too easy for people to follow up. Most class-actions require mailing in a form so probably have much lower participation rates.

[deleted]

Re: Equifax removed the $125 claim payout option after millions submitted claims

#29

Post by _brnu » Wed, Jul 31, 2019, 11:03 PM UTC

What do you want to bet the payment is less than $1 per claimant? $31MM for 150 million affected people. They knew this would be the result, and the FTC went along with it. I’m a free market right wing guy — and I’d have no problem with the government dismantling Equifax over this breach and its fallout. That company is chock full of assholes.

Re: Equifax removed the $125 claim payout option after millions submitted claims

#30

Post by devoply » Wed, Jul 31, 2019, 11:03 PM UTC

noodlesUK wrote: post #6

Surely the FTC and Equifax saw this coming? 150m people were included in the breach. Only 31m USD was allocated to give anyone who claimed 125 USD? How on earth did they do this math?

150 million * 120 = eighteen billion... or about 6x their yearly revenue.

would've put a dent in their wallet and hopefully caused them to go bankrupt.