ABA Banking Journal
No Result
View All Result
  • Topics
    • Ag Banking
    • Commercial Lending
    • Community Banking
    • Compliance and Risk
    • Cybersecurity
    • Economy
    • Human Resources
    • Insurance
    • Legal
    • Mortgage
    • Mutual Funds
    • Payments
    • Policy
    • Retail and Marketing
    • Tax and Accounting
    • Technology
    • Wealth Management
  • Newsbytes
  • Podcasts
  • Magazine
    • Subscribe
    • Advertise
    • Magazine Archive
    • Newsletter Archive
    • Podcast Archive
    • Sponsored Content Archive
SUBSCRIBE
ABA Banking Journal
  • Topics
    • Ag Banking
    • Commercial Lending
    • Community Banking
    • Compliance and Risk
    • Cybersecurity
    • Economy
    • Human Resources
    • Insurance
    • Legal
    • Mortgage
    • Mutual Funds
    • Payments
    • Policy
    • Retail and Marketing
    • Tax and Accounting
    • Technology
    • Wealth Management
  • Newsbytes
  • Podcasts
  • Magazine
    • Subscribe
    • Advertise
    • Magazine Archive
    • Newsletter Archive
    • Podcast Archive
    • Sponsored Content Archive
No Result
View All Result
No Result
View All Result
ADVERTISEMENT
Home Legal - Sponsored Content

Legal Notice – Equifax, Inc. Customer Data Security Breach Litigation

July 6, 2020
Reading Time: 4 mins read

LEGAL NOTICE

If your financial institution issued one or more payment cards identified as having been at
risk as a result of the data breach that Equifax announced in 2017, it could get a payment
from a class action settlement.

A federal court authorized this notice. This is not a solicitation from a lawyer. Your financial institution’s legal rights are affected whether you act or don’t act. Read this notice carefully.

A settlement has been proposed to resolve lawsuits brought against Equifax Inc. and Equifax Information Services LLC (“Equifax”) by a putative class of financial institutions as a result of a thirdparty criminal cyberattack on Equifax, which was announced by the company in 2017 and affected payment cards belonging to approximately 209,000 consumers (the “Data Breach”). If your financial institution (“you”) qualifies, you may send in a claim form to get benefits, or you can exclude yourself from the Settlement, or object to it. The United States District Court for the Northern District of Georgia authorized this notice. Before any money is paid, the Court will have a hearing to decide whether to approve the Settlement.

Who Is Included?

You are a member of the Settlement Class and affected by the settlement if:
(1) You are a financial institution in the United States (including its Territories and the District of Columbia); and
(2) You issued one or more payment cards (including debit and credit cards) identified as having been at risk as a result of the Data Breach in an alert or similar document by Visa, MasterCard, Discover, or American Express (“Alerted on Card”). (See the Settlement Website, www.EquifaxFIDataBreachSettlement.com, for more details as to the payment cards that are included.)

What Is This Case About?

The lawsuits, referred to collectively as the “Financial Institution Track” in In re: Equifax, Inc. Customer Data Security Breach Litigation, Case No. 1:17-md-2800-TWT (N.D. Ga.), are related to the Data Breach and assert claims against Equifax for alleged negligence, negligence per se, violations of various state unfair and deceptive trade practices statutes, and injunctive and declaratory relief. The financial institutions seek to recover damages in the lawsuits for the expense of payment card reissuance, amounts paid to cover fraudulent payment card charges, and other costs allegedly incurred as a result of the Data Breach. Equifax denies these allegations, any wrongdoing, and says that it did not do anything wrong.

What Does the Settlement Provide?

Under the Settlement, Equifax will pay, on a claims-made basis, up to $5.5 million into an escrow account for payments to Settlement Class Members who timely submit valid claims. Two types of Claims may be made: “Fixed Payment Claims,” and “Documented Out-of-Pocket Claims.” A Settlement Class Member may make one or both types of Claims. For Fixed Payment Claims, eligible Settlement Class Members who submit a valid Claim will receive $4.50 per Alerted on Card. For Documented Out-of-Pocket Claims,

Settlement Class Members may receive up to $5,000 if they file a valid Claim for reimbursement of certain out-of-pocket expenses incurred as a direct result of the Data Breach. Documented Outof-Pocket Claims must be supported by documentation and may be reduced on a prorated basis depending on the amount of claims received. More information about the types of Claims and the information required to file them is available at the Settlement Website.

In addition, Equifax has agreed to adopt and/or maintain certain practices related to its data security. If approved by the Court, Equifax will pay up to $2 million in fees and $250,000 in expenses and costs to attorneys for the Settlement Class. In addition, if approved by the Court, Equifax will pay service awards of $1,500 to each class representative. Costs of settlement administration and notice will also be paid separately by Equifax.

How Do You Ask for a Payment?

A detailed notice and Claim Form package contains everything you need. Just call the number or visit the website below to get one. To qualify for a payment, you must send in a complete and valid Claim Form, which can be submitted electronically or by mail. Claim Forms must be submitted electronically, and if mailed postmarked, by December 31, 2020.

What Are Your Other Options?

If you do not want to be legally bound by the Settlement, you must exclude yourself by September 2, 2020, or you will not be able to sue, or continue to sue, Equifax or any other Defendants’ Released Persons (as defined in the Settlement Agreement) for any of the claims resolved by the Settlement. To exclude yourself, you must provide all required information. If you exclude yourself, you cannot get money from this Settlement. If you stay in the Settlement Class but wish to object, you must do so by September 2, 2020. Details for excluding yourself or objecting to the Settlement can be found in the Settlement Agreement available on the Settlement Website.

The Court will hold a hearing in this case on October 22, 2020, at 2:00 p.m. to consider whether to approve the Settlement. At the hearing, the Court will also consider a request by the lawyers representing all Settlement Class Members for attorneys’ fees, costs, and expenses for investigating the facts, litigating the case, and negotiating the Settlement, as well as for Service Awards to the Settlement Class Representatives for their time participating in the case. You may ask to appear at the hearing, but you do not have to.

Want More Information?

For more information, call toll free at 1-855-968-4292 or visit the website at www.EquifaxFIDataBreachSettlement.com.

ADVERTISEMENT
ShareTweetPin

Related Posts

AI Compliance and Regulation: What Financial Institutions Need to Know

Unlocking Deposit Growth: How Financial Institutions Can Activate Data for Precision Cross-Sell

Retail and Marketing
June 1, 2025

SPONSORED CONTENT PRESENTED BY ALKAMI TECHNOLOGY Despite growing urgency to increase deposits and open new accounts, many banks and credit unions are underleveraging their most strategic asset: actionable customer and member data. The good news? Data activation doesn’t...

Choosing the Right Account Opening Platform: 10 Key Considerations for Long-Term Success

Choosing the Right Account Opening Platform: 10 Key Considerations for Long-Term Success

Sponsored Content
April 25, 2025

SPONSORED CONTENT PRESENTED BY JACK HENRY™ When it comes to new deposit account opening, there’s no one-size-fits-all approach. What is universal, however, is that everyone expects a seamless experience. Applicants demand speed, simplicity, and flexibility, and they want...

Outsourcing: Getting to Go/No-Go

Outsourcing: Getting to Go/No-Go

Technology
April 5, 2025

SPONSORED CONTENT PRESENTED BY ASCENSUS “Should we outsource any aspect of our retirement plan program?” This question is increasingly being asked in strategic planning meetings, especially by institutional retirement plan providers. For these firms, plan administration is not...

Six Payments Trends Driving the Future of Transactions

Six Payments Trends Driving the Future of Transactions

Payments
March 15, 2025

SPONSORED CONTENT PRESENTED BY DELUXE CORPORATION By: John F. Rubinetti III, SVP, President, B2B Payments for Deluxe Like many industries, technology and innovation are constantly reshaping how money moves. Businesses that stick with outdated systems risk falling behind...

AI for Banks: A Starter Guide for Community and Regional Institutions

AI for Banks: A Starter Guide for Community and Regional Institutions

Community Banking
March 1, 2025

SPONSORED CONTENT PRESENTED BY JACK HENRY Your bank has built trust by focusing on relationships, efficiency, and empowering customers. Today, you may be wondering, “Can AI support our mission and values?” Indeed, AI can be a tool that...

AI for Banks: A Starter Guide for Community and Regional Institutions

Closing the Gaps in Commercial Lending: The Importance of End-to-End Solutions

Commercial Lending
March 1, 2025

SPONSORED CONTENT PRESENTED BY DATASCAN The landscape of commercial lending is evolving, and with it, there is a need for greater efficiency, transparency, and collaboration. As the process of lending involves various departments—each with its own workflows, goals,...

NEWSBYTES

Stablecoin bill clears Senate

June 17, 2025

CFPB to delay small-business lending data collection compliance dates

June 17, 2025

Senate tax measure contains provisions on ACRE, pass-through business deduction

June 17, 2025

SPONSORED CONTENT

AI Compliance and Regulation: What Financial Institutions Need to Know

Unlocking Deposit Growth: How Financial Institutions Can Activate Data for Precision Cross-Sell

June 1, 2025
Choosing the Right Account Opening Platform: 10 Key Considerations for Long-Term Success

Choosing the Right Account Opening Platform: 10 Key Considerations for Long-Term Success

April 25, 2025
Outsourcing: Getting to Go/No-Go

Outsourcing: Getting to Go/No-Go

April 5, 2025
Six Payments Trends Driving the Future of Transactions

Six Payments Trends Driving the Future of Transactions

March 15, 2025

PODCASTS

Podcast: Old National’s Jim Ryan on the things that really matter

June 12, 2025

Podcast: What bankers need to know about ‘First Amendment audits’

June 5, 2025

Podcast: Accelerating banking for quick-service restaurants

May 8, 2025
ADVERTISEMENT

American Bankers Association
1333 New Hampshire Ave NW
Washington, DC 20036
1-800-BANKERS (800-226-5377)
www.aba.com
About ABA
Privacy Policy
Contact ABA

ABA Banking Journal
About ABA Banking Journal
Media Kit
Advertising
Subscribe

© 2025 American Bankers Association. All rights reserved.

No Result
View All Result
  • Topics
    • Ag Banking
    • Commercial Lending
    • Community Banking
    • Compliance and Risk
    • Cybersecurity
    • Economy
    • Human Resources
    • Insurance
    • Legal
    • Mortgage
    • Mutual Funds
    • Payments
    • Policy
    • Retail and Marketing
    • Tax and Accounting
    • Technology
    • Wealth Management
  • Newsbytes
  • Podcasts
  • Magazine
    • Subscribe
    • Advertise
    • Magazine Archive
    • Newsletter Archive
    • Podcast Archive
    • Sponsored Content Archive

© 2025 American Bankers Association. All rights reserved.