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Yahoo to pay $50 Million to victims of massive security breach

2018-10-24 15:14 by
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Yahoo has agreed to pay $50 million in damages to 200 million people affected by its 2013-2014 mega-hacks. On Monday, a settlement was filed with the United States District Court in California which laid to rest the two-year-old lawsuit.

In addition, the company will cover up to $35 million in lawyer fees related to the case and provide affected users in the U.S. with credit monitoring services for two years via AllClear, a package that would retail for around $350. There are also compensation options for small business and individuals to claim costs for losses associated with the hacks. That could include identity theft, delayed tax refunds and any other issues related to data lost at the hands of the breaches. Finally, those who paid for premium Yahoo email services are eligible for a 25 percent refund.

Yahoo revealed the data breaches in 2016, after it had already negotiated a $4.83 billion deal to sell its digital services to Verizon Communications (which it later reduced by $350 million as a result of reputation damage resulting from the breach). Verizon will now be responsible for half of the settlement cost, with the other half paid by Altaba Inc, the company set up to hold Yahoo's investments in Asian companies after the sale.

The deal is subject to final approval from U.S. District Judge Lucy Koh of the Northern District of California at a hearing slated for November 29.

Read more -here-

 

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