Equifax is expected to pay around $650 million to settle federal and state investigations and consumer claims relating to a data breach that exposed sensitive information belonging to 145 million people, according to two people familiar with the settlement discussions.
The breach, which Equifax revealed in September 2017 and included Social Security and driver’s license numbers, was one of the most severe exposures of Americans’ personal data and drew widespread condemnation from lawmakers, law enforcement agencies and consumers. It prompted the sudden departure of Equifax’s chief executive and sent its stock price tumbling, though it has since made back most of its losses.
A $650 million payment would be in line with what the company expected. In a recent financial filing, Equifax said it had set aside $690 million to cover the anticipated legal costs of the hacking.
This is a developing story and will be updated.