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To what extent was Equifax involved in a data breach and how much is the firm likely to pay FTC to settle the lawsuit?


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Equifax (NYSE:EFX) is close to settling a nationwide consumer class-action lawsuit with the Federal Trade Commission (FTC) over a 2017 data breach. According to The Wall Street Journal citing sources, Equifax is expected to pay around $700m in a deal to resolve a lawsuit involving one of the largest data breaches involving private data of American citizens. While the company failed to notice the attack for almost six weeks, social security numbers and other private information such as birth dates, addresses, credit card and driver licence numbers of almost 150 million people were compromised during that time.

With the settlement expected to be announced as early as Monday, the deal would absolve the firm from investigations by the FTC, most state attorneys general and the Consumer Financial Protection Bureau.

Shares of Equifax are trading with gains of 0.13%, at $121.28 on the NYSE on Monday. In the year to date, the consumer credit reporting agency has returned more than 47%.

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