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A federal judge recently gave a $425 million Equifax class action settlement final approval despite objections from consumer advocacy groups.
U.S. District Judge Thomas W. Thrash Jr. determined that the landmark settlement is fair and has earned final approval in an oral ruling on Dec. 19. A written ruling will reportedly follow in the coming weeks.
Final approval was granted despite nearly 400 objections lodged against the settlement.
“Judge Thrash rejected the objections to the settlement — including specifically those from serial objectors — finding that the settlement is an exceptional result for the class, particularly in light of the risk, and that the relief is at the ‘high range’ of what likely could have been recovered at trial,” plaintiffs’ counsel told Law360.
Plaintiffs’ counsel notes that the settlement is historical in its size and has support from nearly every state attorney general and several federal regulators such as the Federal Trade Commission and Consumer Financial Protection Bureau.
Although many consumers and officials support the settlement, one of the settlement’s most vocal objectors reportedly remains opposed to the deal. Hamilton Law Institute’s Center for Class Action Fairness has routinely opposed the settlement, finding the deal to be unfair, unreasonable, and inadequate. Ted Frank, the director of litigation at the Institution, took to Twitter following the final approval and vowed to appeal the decision.
“The settlement on its face violates [U.S. Supreme Court] precedent on Rule 23(a)(4), and @HamLincLaw looks forward to an appeal,” Frank wrote on his Twitter account.
Issues with the Equifax class action settlement reportedly include nearly $80 million in attorneys’ fees, an award that was granted by Judge Thrash based on the “exceptional” outcome of the case. However, objectors also take issue with the case’s outcomes – especially considering the decreased cash payments from the settlement.
Originally, the settlement set aside $31 million to fund cash payments to consumers. These payments were initially estimated to be as high as $125 per claimant.
Due to the estimated 147 million consumers affected by the breach and the high level of media attention, more claims for cash payment were made than were anticipated. As a result, the Federal Trade Commission announced that cash payments would not be as high as estimated.
Objectors to the settlement argued that this was unfair and that the settlement “throttled” monetary claims by only putting aside a small amount of the fund for cash payments.
The rest of the settlement fund, apart from the amount directed to costs and fees, reportedly provides free credit monitoring and expense reimbursement for damages “fairly traceable” to the data breach.
Consumers who are eligible for the Equifax data breach class action settlement have until Jan. 22, 2020 to file an initial claim with the fund. Extended claims for the settlement will be accepted through Jan. 22, 2024.
Are you eligible for the recently approved Equifax settlement? Let us know in the comment section below.
The consumers in the multidistrict litigation and settlement are represented by co-lead counsel Amy Keller of DiCello Levitt Gutzler LLC, Kenneth Canfield of Doffermyre Shields Canfield & Knowles LLC and Norman Siegel of Stueve Siegel Hanson LLP. Barnes Law Group LLC and Evangelista Worley LLC serve as co-liaison counsel. Cohen Milstein Sellers & Toll PLLC, Girard Gibbs LLP, Hausfeld LLP, Tadler Law LLP, Morgan & Morgan Complex Litigation Group, Murphy Falcon & Murphy and The Doss Firm LLC are on the plaintiffs’ steering committee. Griffin & Strong PC serves as state court coordinating counsel.
The Equifax Data Breach Class Action Lawsuit is In re: Equifax Inc. Customer Data Security Breach Litigation, Case No. 1:17-md-02800, in the U.S. District Court for the Northern District of Georgia.
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125 thoughts onChallenged Equifax Data Breach Settlement Gets Final Approval
September 23rd 2022 and still no
reaction or answers from either Equifax or top class action.
This has been going on since 2019 and I have yet to get a reaction from Equifax as I was in the lawsuit and also also receive documentation from them showing my account was hacked here it is September 23rd 2022 22 and not a dog on thing.
TOP CLASS ACTION you’re here to help us so please do SO.
We all still have questions on what is going on does anybody have answers?
Or better yet how do we get our money???
I would like to join in on the lawsuit my stuff with Banbridge from Equifax I checked on online when I have chance to see and I was one of the lines that information I got stolen from you I would like to do a lawsuit barre class act suit I’m down because I’m still having a hard time getting my stuff fixed
It has been a couple years now and I have had no word no payment nothing absolutely nothing I filed all the proper procedures what is going on???
All of my private info is on the dark web.
Not one word from Equifax nor from Top Class Action.
So what’s the word anyting anything at all would be nice.
My information and claim was made whenever I was notified about the breach and I have yet to receive anything, my info is on the dark web I have had to freeze my credit a few time and still have nothing from them, therefore I would like to know where is my money for their mistakes?
add me they also lowered my score we put our home into our trust it showed we didnt own it dropped my score from 780 to 620 I had to fight with them submitted all my documents and it took 9 months
I lost 20 thousand dollars of my social security because of this. Wondering if there fixing this.
My information and claim was made whenever I was notified about the breach and I have yet to receive anything, therefore I would like to know where is my money for their mistakes?
Marina pena
Highlands Ranch, CO
I was directly affected by this data breach and received nothing. My credit is destroyed and I’m homeless and cannot find employment. A lady in California needs to be reported to Immigration
She purchased my social security number and had been receiving my settlement according to her ex boyfriend, Brandon Barrientos.
I demand payment. My name is Marina Carrillo. I was adopted and had acquired the name segura. Then I was married and acquired the name Marina pena
I attended force, Hamilton, ranch view, thunder ridge , Lincoln , csu. I obtained my hvac certification epa 608 from la vista and osha 10. And CPR from Eaton metal.
Your identity was stolen not because of the breach. It is because you allow it to be on the internet. Look how much sensitive information you posted to this public forum. Nobody has lost anything due to the data breach because the money was stolen by the Chinese military.
Sorry I mean info, not “money” was stolen by the Chinese military.
I do not need credit monitoring service I already have one as I noted in my claim I wanted the cash payment however they still send me a credit monitoring service which I do not want or need please Rectify this ASAP