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Report: Equifax to pay $700 million in breach settlement

Tech News
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SAN FRANCISCO (AP) — The Wall Street Journal says Equifax will pay around $700 million to settle with the Federal Trade Commission over a 2017 data breach that exposed Social Security numbers and other private information of nearly 150 million people.

The Journal, citing unnamed sources familiar with the matter, said the settlement could be announced as soon as Monday. Equifax declined to comment.

The report says the deal would resolve investigations by the FTC, the Consumer Financial Protection Bureau and most state attorneys general. It would also resolve a nationwide consumer class-action lawsuit.

Spokesmen for the FTC and the CFPB didn’t immediately return messages seeking comment Friday night.

The breach was one of the largest affecting people’s private information. Atlanta-based Equifax did not notice the attack for more than six weeks. The compromised data included Social Security numbers, birth dates, addresses, driver license numbers and credit card numbers.

The company said earlier this year that it had set aside around $700 million to cover anticipated settlements and fines.

Copyright 2020 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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