Yahoo Offers New $117m Breach Settlement

Yahoos data breach settlement has now been revised to 7.5 million

Yahoo reaches $117M settlement with 3 billion customers hacked in data breach exposed in 2016

Credit: Bernardo Ramonfaur/ShutterstockYahoo has proposed a $117.5 million settlement to a class-action lawsuit involving multiple data breaches between 2013 and 2016.

Those users had personal data, including email address, stolen in what was the largest data breach in history. US District Judge Lucy Koh rejected a previous version due to a lack of safeguards to prevent future data breaches and because of ambiguity regarding victim compensation. Fun fact: that's around a third of the discount Verizon managed to get on Yahoo's sale price after the extent of the security fudge up was revealed to the world. It eclipses a $115 million settlement that Koh approved past year to cover 79 million people who had personal information stolen in a 2015 breach at health insurer Anthem Inc.

In September 2017, Yahoo tried in vain to stop affected parties from filing lawsuits related to the breaches. Koh must now approve this new settlement.

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The telecommunications giant originally agreed to pay $4.83 billion and keep on Yahoo CEO Marissa Mayer. It covers as many as 194 million people in the United States and Israel with roughly 896 million accounts.

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And just to put a neat little bow on the calamity, Yahoo went and leaked another 500 million accounts a year later. People who had to spend time protecting their identities or dealing with other issues caused by the breach can be seek to be paid at a rate of $25 per hour for up to 15 hours.

The updated settlement proposal contained at least $55 million for victims' out-of-pocket expenses and other costs.

As part of the deal, Verizon also has pledged to continue to expand upon the security that it has already added since taking over Yahoo.

"We believe that the settlement demonstrates our strong commitment to security", Verizon said in a statement.

A hearing on the revised settlement is scheduled for June 27.

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