Hey, remember when you signed up to get a US$125 settlement from Equifax after its 2017 data breach? A Georgia federal judge just awarded US$77.5 million to the lawyers (via CNBC).
Equifax agreed to set aside a US$380 million settlement fund for people affected by the breach. The award given to lawyers is over 20% of that, so your settlement will end up being closer to six or seven dollars.
Under the terms of the settlement, affected consumers could potentially get up to $20,000 in reimbursement for out-of-pocket expenses they incurred because of the data breach. But even if you didn’t suffer any direct harm from the breach, you could claim free credit monitoring or a flat cash payout of up to $125 if you already have credit services in place.
But the Federal Trade Commission announced in late July that because of the high interest in the $125 cash compensation option, consumers who picked the payout might end up getting far less than initially expected.
If you did spend money on freezing your credit, paying for credit monitoring, or other expenses because of the breach, you can still be fully reimbursed. But it looks like settlement cash won’t be in your wallet.