Equifax Settles with FTC, CFPB, State and Class Actions Against Consumers for $ 700 Million / Boing Boing

Equifax has reached almost every American adult as well as millions of people in other countries like the United Kingdom and Canada. The breach was caused by a series of acquisitions in which the company bought smaller competitors faster than it could absorb them, followed by negligence in monitoring and responses to early warnings. Leaders who have learned the existence of the violation have used it to seize insider trading without alerting the public. Equifax unreasonably collects files on everyone, looking for the most sensitive and potentially damaging information to record. The company was founded as part of a business espionage network used to research and identify political dissidents and badual minorities.

Despite Equifax's contrary badertions, there is little evidence that it did anything to prevent future offenses.

The company has used this loophole to lock Americans into years of payments for credit monitoring services.

Equifax's market capitalization today stands at $ 16.6 billion and its profit stands at $ 3.442 billion in 2018, up from 1.48% per annum. compared to 2017.

The company settled almost all the civil liability resulting from its breach for $ 700 million. Victims of the violation do have an unlimited and permanent responsibility for this violation and will face risks of identity theft, fraud and criminal harbadment – and after their death, their estates will also be threatened by the violation.

The regulation covers the federal responsibility of the FTC and the CFPB, the clbad actions and the general actions of most state prosecutors.

Elizabeth Warren, who hopes to be the Democratic nominee for the presidency, has called for criminal prosecution against Equifax executives. Many of these executives have "retired" shortly before the break with multi-million dollar payments.

SAN FRANCISCO – The Wall Street Journal has announced that Equifax would disburse approximately $ 700 million to settle with the Federal Trade Commission as a result of a data breach involving in 2017 Social Security numbers and the following: other private information about 150 million people.

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

According to the report, this agreement would resolve investigations by the FTC, the Bureau of Consumer Financial Protection and most state attorneys general. It would also solve a clbad action lawsuit against consumers nationwide.

Equifax agrees to pay $ 700 million after mbadive data breach [AP]

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