Equifax is set to pay up to $700 million to halt probes into its massive data breach, CNN reported. 150 million people had data held by the company exposed in a breach revealed in September 2017. It is the biggest ever payout for a data breach.
The Federal Trade Commission announced Monday that Equifax will pay at least $300 million and as much as $425 million to compensate affected people with credit monitoring services. That money will go into a fund that will also reimburse people who purchased credit- or identity-monitoring services because of the 2017 data breach. The amount of the settlement could change depending on the number of claims still to be filed by consumers. Equifax will also pay $275 million in civil penalties and other compensation to 48 states, Washington, Puerto Rico and the Consumer Financial Protection Bureau.
Check It Out: Equifax to pay $700 Million to Halt Data Breach Probes