![]() But that's absolutely not what the press releases said, and there was a reason people thought they were getting $125." "Class counsel in their briefing said that were never going to get $125, and they blamed the media for it. ![]() Now Thursday's ruling puts that $125 award amount even further out of reach, Frank says. 15, 2019, the notice said their claim would be completely rejected. If consumers failed to file the additional information before Oct. In fact, the FTC took the unusual step of urging consumers to pick the free credit monitoring instead of the cash payment, saying the service was worth "hundreds of dollars" and comes with identity theft insurance and restoration services.Īnd then in September, consumers who filed for the $125 cash payout were sent an email with the subject line: "Your Equifax Claim: You Must Act by Octoor Your Claim for Alternative Compensation Will Be Denied." Under the new requirements, consumers had two options: verify their claim by providing more information or amend their paperwork to opt for a non-cash settlement. It turned out that the money set aside in the roughly $380 million restitution fund specifically for cash compensation was capped at $31 million, so if more than 248,000 consumers picked this option, the total compensation for each person would be less. But even if you didn't suffer any direct harm from the breach, you could claim free credit monitoring or a flat cash payout of up to $125 if you already have credit services in place.īut the Federal Trade Commission announced in late July that because of the high interest in the $125 cash compensation option, consumers who picked the payout might end up getting far less than initially expected. Under the terms of the settlement, affected consumers could potentially get up to $20,000 in reimbursement for out-of-pocket expenses they incurred because of the data breach. The settlement included a $380.5 million restitution fund dedicated to consumer compensation and fees associated with the case. In July, credit bureau Equifax agreed to pay a total of nearly $700 million for its role in the massive 2017 data breach, which impacted 147 million consumers. Maybe even less than that," he tells CNBC Make It. In fact, consumers were never going to get $125, says Ted Frank, director of litigation for Hamilton Lincoln. It's also one more reason why the consumers who sought a cash settlement from Equifax won't be getting the full $125 as initially expected.
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