Equifax nears deal to pay about $700 million to settle U.S. data breach
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[July 20, 2019] (Reuters)
- Credit reporting company Equifax Inc <EFX.N>
is close to a deal to pay around $700 million to settle data breach
probes with U.S. regulators and states, the Wall Street Journal reported
on Friday, citing people familiar with the matter.
Equifax will pay the amount to settle with the Federal Trade Commission,
the Consumer Financial Protection Bureau and most state attorneys
general, the Journal reported.
Equifax said it had no comment on the WSJ report.
The 2017 data breach at the company affected more than 143 million
The amount to be paid by the company could change depending on the
number of claims eventually filed by consumers, according to the report,
which added that the settlement could be announced as soon as Monday.
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Credit reporting company Equifax Inc. corporate offices are pictured
in Atlanta, Georgia, U.S., September 8, 2017. REUTERS/Tami Chappell
The settlement will require the credit reporting firm to make more changes to
how it protects and handles consumer data, the WSJ said.
A fund will be established to compensate consumers for the harm that they
suffered as a result of the breach, according to the settlement reported by the
(Reporting by Kanishka Singh in Bengaluru; editing by Leslie Adler and G Crosse)
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