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NEW YORK (KETK) – Credit-reporting company Equifax will pay up to $700 million to settle investigations in a 2017 breach of personal information, according to an NBC report.
It is the largest-ever settlement for a data breach and will close probes by the Federal Trade Commission, the Consumer Financial Protection Board, and nearly all states attorneys general.
“This company’s ineptitude, negligence, and lax security standards endangered the identities of half the U.S. population,” New York Attorney General Letitia James said in a statement.
The scandal rocked the company to its core. It’s CEO was forced out and lawmakers blasted Equifax with its lack of security measures while handling so much of citizens’ personal information.
Under the settlement, the company will establish a $300 million restitution fund for harmed consumers that could climb to $425 million depending on its use.
Consumers eligible for the fund must submit claims showing they were fraud victims or set up credit-monitoring services following the breach.
Affected customers are also eligible for 10 years of free credit monitoring from Equifax. They have also agreed to bolster its security practices.