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We previously wrote about the Yahoo data breaches, subsequent class action pending in California, and the company’s estimate of potential settlement costs. Based on the Plaintiffs’ recent Motion for Preliminary Approval of Class Action Settlement, filed on October 22, 2018, the parties have tentatively agreed to settle the case for $50,000,000 in settlement funds, $35,000,000 in attorneys’ fees, and $2,500,000 in expenses. Additionally, class members will be able to avail themselves of various credit monitoring services, and the class representatives who filed the action will be entitled to between $7,500 and $2,500 each, exclusive of the settlement funds, depending on the nature of their involvement. The settlement would apply to both the pending federal class action—before District Judge Lucy H. Koh—and similar state court litigation. 
Continue Reading Parties Seek to Settle Yahoo Data Breach Class Action for $50M

Yahoo’s troubles for failing to timely disclose security breaches provides rare insight into quantifying the financial and other costs to a company’s shareholders and leadership when a security breach occurs and is mishandled.

In 2014, more than a billion Yahoo accounts were hacked. Then in 2015 and 2016, more than 500,000 Yahoo user accounts were…

Cybersecurity hit the news hard in 2016. The number of high profile, and troubling, cyber incidents increased significantly. The Democratic National Committee and one of Clinton’s top advisor’s being hacked, with leaked emails by Russia, according to intelligence reports, may have influenced the U.S. election. Theft of document from the Mossack Fonseca law firm in…

Although every year we lament about the significance of data breaches in the past year, 2016 was by far the worst. Data breaches were rampant, victimizing every industry and numbing consumers in the process. It was so bad that consumers began to throw up their hands and say “My personal information is out there anyway.…

Yahoo Inc. announced on December 14th that hackers stole the personal information of more than one billion users, which is in addition to the 500 million accounts compromised that was announced in September.

In its announcement, Yahoo said that an investigation found that hackers stole names, email addresses, telephone numbers, dates of birth, hashed…

The tally of records breached in 2016 (through November) globally was over 2.1 billion, according to IT Governance. With the announcement yesterday of Yahoo’s  breach of another 1 billion records, that tally is now up to 3.1 billion.

The final tally will be higher, to be sure, and analysts are predicting that the data breach…