51–60 of 66 posts
"You might also be disappointed to learn that if you sign up for Equifax credit monitoring, they sell your data + require binding arbitration https://www.equifax.com/assets/corp/consumer-privacy-notice.... https://pbs.twimg.com/media/EA1KK-vUwAAmrnd.jpg"[0] [0] https://twitter.com/hoofnagle/status/1156662788221050881
Duly noted that poor planing may lead to the exhaustion of the paltry reserves Equifax set up for the actual victims of its crimes.
How about some real justice then?
It seems absurd that they only need to allocate $31 million for "alternative payments" while the old CEO leaves with close to $20 million in bonuses [0], while the rest of the money in the settlement is basically reserved for them to pay themselves for their "free" credit monitoring. This whole situation was a good opportunity to set a precedent for companies not taking data security seriously. But they've instead sh…
It seems absurd that they only need to allocate $31 million for "alternative payments" while the old CEO leaves with close to $20 million in bonuses [0], while the rest of the money in the settlement is basically reserved for them to pay themselves for their "free" credit monitoring. This whole situation was a good opportunity to set a precedent for companies not taking data security seriously. But they've instead sh…
It seems absurd that they only need to allocate $31 million for "alternative payments" while the old CEO leaves with close to $20 million in bonuses [0], while the rest of the money in the settlement is basically reserved for them to pay themselves for their "free" credit monitoring. This whole situation was a good opportunity to set a precedent for companies not taking data security seriously. But they've instead sh…
You had me until you mentioned the Facebook fine. $5 billion, assuming it stands, is a lot of money and a good deterrent against the kind of behavior FB was engaged in. No shareholder would be happy that their company lost that much money. And before someone retorts with the fact that the stock went up the day the fine was announced: shareholders could be happy that the uncertainty is over, but still not happy with t…
If you’re not talking about a sizable portion of their gross annual revenue or their total market capital, you’re going to have little or no effect on any corporation.
If you really want to have an effect on a corporation, the only way to do that is to pierce the corporate veil, and hold the senior executives and the board members personally liable. That will get them to change big time, and in a hurry.
When you endanger the mega yachts and the private islands, you’ll get them to sit up and take notice.
Offer something that looks like a worthy settlement, drive millions of people to get the cash option, then claim that too many are going for the cash option, so they'll all get peanuts now (if 10 million chose cash option and only 31 million is available, then it's $3 per head?).
That's a cheap way to get rid of any liability in the future.
Facebook didn't get hacked, and was fined $5 billion (do affected facebook users get anything from that amount? not sure)
Equifax leaked extremely important details of persons, and was fined peanuts. How does this make sense?
It seems absurd that they only need to allocate $31 million for "alternative payments" while the old CEO leaves with close to $20 million in bonuses [0], while the rest of the money in the settlement is basically reserved for them to pay themselves for their "free" credit monitoring. This whole situation was a good opportunity to set a precedent for companies not taking data security seriously. But they've instead sh…
You had me until you mentioned the Facebook fine. $5 billion, assuming it stands, is a lot of money and a good deterrent against the kind of behavior FB was engaged in. No shareholder would be happy that their company lost that much money. And before someone retorts with the fact that the stock went up the day the fine was announced: shareholders could be happy that the uncertainty is over, but still not happy with t…
$5 billion is a bit over ten percent of 2018 revenue. It's not enough to keep anyone up at night or, more importantly, convince them to do anything substantive _at all_ to improve privacy - because their revenue is _growing_ much more than $5bn a year.
Earlier quoted context omitted.
Comes out of the same $31 million. I'm unsure how distribution will work once more than $31 million is requested, but you're likely not going to see the full amount.
My reading of the settlement is that of the $310 million, up to $31 million (10%) is allocated to hourly time claims (section 6.2.6) and a separate $31 million is allocated to "Alternative Reimbursement Compensation", i.e. the $125 cheques (section 7.5). So it's still capped at the same amount, but comes from a different pool.