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Yahoo's current legal issues related to the biggest data breach in history seem to be coming to an end. He submitted a settlement to a US District Court that agreed to pay $ 50 million to victims and other benefits. Anyone who has spent time repairing the damage caused by the violation should pay attention.
The settlement was submitted Monday to the Northern California District Court and still needs to be approved. In this document, Yahoo agrees to pay $ 50 million into a victim-driven fund and will provide a two-year credit monitoring service from AllClear. Yahoo's lawyers estimate this amount at around $ 350. Although Yahoo is unlikely to pay AllClear at a high price, this part of the deal could be the best solution for anyone who has been affected by the devastating hacking of 3 billion users. Companies and people who have suffered financial losses directly related to piracy also have the option of requesting a refund.
Any user who may experience documented loss of time may file a complaint and be awarded $ 25 per hour up to 15 hours for up to $ 375 in compensation. Any user who does not have documentation but has lost time is eligible for compensation up to five hours, for a total amount of $ 125. Users who have paid for a premium Yahoo email account can request a 25% refund.
Yahoo did not immediately respond to our request for comment on the settlement.
Assuming it is approved, the settlement should close the door to Yahoo's hacking obligations that began in 2013. The company did not disclose the violations until 2016 and the number of users it admitted affected continued to increase. By the end of 2017, the number of victims had risen to 3 billion users. His failure to disclose the offense resulted in a $ 35 million fine from the SEC earlier this year.
The revelation of piracy comes after Yahoo had already agreed to a $ 4.83 billion acquisition by Verizon. The transaction is briefly blocked before Verizon gets a $ 350 million rebate. Verizon then formed a subsidiary, Oath, which will pay $ 15 million in user fees. The holding company set up for Yahoo's Asian investments, Altaba, will pay the remaining $ 35 million. According to the Associated Press, some experts have estimated that Yahoo could have faced a payment of $ 1 billion if the case had been brought to court.
A settlement hearing is scheduled in San José on November 29.
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