Yahoo Agrees to Pay $50 Million to Data Breach Victims
Yahoo agreed to pay a settlement for the massive data breaches that occurred on its website between 2013 and 2014. The data breaches were not disclosed until 2016, and they impacted over one billion accounts.
The company approved a $50 million settlement for approximately 200 million people whose personal information was stolen during the data breaches. Yahoo also agreed to pay $37.5 million in legal fees and expenses.
Yahoo is offering $25 an hour for time spent dealing with the aftermath of the breach. A person can request up to $375 for 15 hours of documented time, such as delayed tax refunds or identity theft. Without proof, they may request up to $125. Users who paid for a premium account ($20-$50 per year) may receive a 25% refund.
Yahoo is also providing two years of free credit monitoring through AllClear. The standard service costs $14.95 per month, totaling $359 for two years. Yahoo will most likely pay a lower rate, but they are offering this service for all affected users.
A hearing to approve the settlement will occur on November 29 with U.S. District Judge Lucy Koh in San Jose. If the figure passes, Yahoo will email users with instructions on how to collect their funds. They will also publish the information in National Geographic and People magazines.