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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
I am also on the dark web and no I don’t want credit monitoring. I already receive it from another breach.
Yeah my stuff is on the dark web my identity has been used and my social security number has been used by someone trying to use it for a job, I constantly have stuff come up on my credit report I did not apply for and I can’t keep it frozen all the time it’s ridiculous im just waiting for the next ridiculous thing to happen.. the money would be helpful to help resolve some things and help with the constant monitoring of my stuff.. when are these checks coming?? I sent my stuff in forever ago a whole package full and I have some code that doesn’t work on the site so I have to call.. seriously I don’t have time to call and find out what is going on with it.. please just pay us.. it’s been hard dealing with this and we need the money for our constant nonstop having to watch our reports social security numbers and drivers license they can use anything bc they have all ur information.. please pay us.. im worried since my social security number was already used.. Thank you.. Dana Good luck to Everyone!!
When we we get our money for 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?
My information is on the dark web
My information is now on the dark web
TOP CLASS ACTION, How do I get in contact with them to let them know my new address?
I have moved to a new address, how do I contact them to let them know?
WHEN WILL CHECKS BE MAILED OUT
I was woundering the same thing this is crazy
How do I start a lawsuit
I received notice that my SS#/personal information was involved in the Equifax breach a couple years ago. I immediately filed my claim & opted for the $125 alternative payment, because my bank & credit card companies already give me free credit monitoring services. I would imagine it’s the same for most of the people involved in this case. That being said, WHY wasn’t more money set aside for the alternative payments. $31 million out of the total settlement of $425 million doesn’t seem realistic. That’s about 3% of the settlement! Yet the court/judge set aside $80 million for the attorney fees. There were approximately 147 million people effect by the breach in comparison to a few attorneys! That doesn’t seem just or fair & it definitely ISN’T in our (the consumers) best interest! In my opinion, the only people getting their rightful reimbursement are the attorneys. Yet it was “OUR” personal/credit information that was stolen! I realize the attorneys have worked on this case for several years, but with all due respect, so have we! Millions of us had our credit effected/ruined by this breach. We’ve had to spend countless days, months, & years trying to restore our credit & secure our personal information. Unfortunately, millions of people were never able to restore their credit & it’s caused them hardship. I believe the settlement funds were distributed VERY poorly & without much consideration for the victims of this crime/breach. Also, where is the remainder of the settlement, $300 million going? Just my honest & frustrated opinion…..
Yeah me too
I have been in the data breach for almost 2 years
Thanks
Pamela Hardin
5712 Fairwood Dr
Mobile AL 36609
251-404-4492
My information is on the web
Michelle Millican equafax cash settlement money msil