"These settlements don’t take into consideration the long term ramifications of every record that is compromised in a breach. The impact may not be truly realized for decades," said Eva Velasquez, president and CEO of the Identity Theft Resource Center.
SAN DIEGO (PRWEB) September 05, 2019
Yahoo, Inc. announced claim forms are now available for the settlement multiple data breach incidents which occurred between 2012 through 2016 and resulted in over 3 billion user account credentials being compromised. While the settlement has not yet been finalized by the Court, the proposed settlement claim form allows consumers to file to be included in the settlement fund.
Morgan and Morgan, court-appointed “Class Counsel”, announced in a press release that claims form for possible settlement class members were available. In a move that would appear to address the challenges previously faced for those impacted by Equifax Settlement claim, the form states that “To the extent all such amounts exceed $117.5 million, then the amount of each claim for Alternative Compensation, Out-of-Pocket Costs, and for fees paid by Paid Users and Small Business Users will be reduced proportionally (by a percentage) until the total payments exhaust the Settlement Fund” – a sign that claims will be reviewed and may be variable based on the number of claims submitted.
“When we looked at the Equifax settlement process, we predicted that consumers would bear the brunt of the burden of proof moving forward,” said Eva Velasquez, president and CEO of the Identity Theft Resource Center. “We counsel victims that they document all of the steps they take as part of their remediation process, but now data breach victims will have to provide physical proof to see redress in settlements.”
As the leader in victim assistance in identity crime cases, the Identity Theft Resource Center is available to provide expert perspective on the potential impacts to consumers and the relevance of this announcement for those impacted by the 2012-2016 breaches. With over 3 million consumers receiving assistance through ITRC’s website, Live Chat, mobile app or call-center advisors since its founding, executives from the organization were on the frontlines of the how victims are impacted by identity crimes – including data breaches. The ITRC’s ID Theft Help App has been lauded as the go-to tool for documenting a victim’s process for remediating any potential data breach impacts by CNBC, NBC National, CBS News and Consumer Reports, among others.
Additionally, victims stated in The AftermathTM: Equifax, One Year Later that they felt that companies that are responsible for housing their data aren’t taking their jobs as serious as they should. Other non-financial impacts around identity theft are explored in the annual AftermathTM report.
Members of the ITRC’s executive team are available for interview via local affiliate, Skype, phone or satellite studio.