Consumer watchdog says Equifax settlement ‘flunks’ fairness test
As a court weighs the proposed class action settlement stemming from Equifax’s 2017 data breach, an independent legal watchdog is saying the agreement fails to treat victims equally. The nonprofit Center for Class Action Fairness, which advocates on behalf of consumers involved in class action suits, said in a court filing Tuesday the Equifax settlement — which proponents value at $700 million — “flunks” federal requirements for fairness and adequacy. This is the same agreement that Equifax said would include up to $425 million for customers who were affected by the data breach, which compromised information about 147 million Americans. After suggesting individual customers could be paid up t o $125 under certain conditions or accept free credit monitoring, Equifax introduced new requirements forcing Americans to prove they had credit monitoring in place at the time of the breach, otherwise they would be paid nothing. The terms of the deal could result in […]
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