$100 to $358 – Find out the whole story
On Wednesday, Yahoo emailed to all their users in which they informed that they were very close to a $117.5 million settlement which should see the end of a massive class-action lawsuit. This was related to a devastating series of data breaches and intrusions from 2012 to 2016.
Back in 2017, Yahoo did admit that 3 billion of their user accounts were broken into in August 2013. They released an email on Wednesday, in which they accepted that the company was hacked to varying degrees in 2012, 2014, 2015 and 2016.
As a result, Yahoo is now offering two free years of credit-monitoring services to those with accounts that were affected by any of the breaches. Hence, if you have a credit-monitoring service, you can ask Yahoo to give you $100.
It should be mentioned here that the $117.5 million settlement is a set amount and hence, how much money you get depends on how many people opt for the money instead of the credit-monitoring service. Yahoo admitted, on the claim website and not in the email, that what users get monetarily “may be less than $100 or more (up to $358.80) depending on how many Settlement Class Members participate in the settlement.”
“The Settlement Fund will provide: a minimum of two years of Credit Monitoring Services to protect Settlement Class Members from future harm, or Alternative Compensation instead of credit monitoring for Class Members who already have Credit Monitoring Services (subject to verification and documentation),” Yahoo said in the statement.
The company also agreed to cover any out-of-pocket costs that Yahoo users may have incurred owing to the data breaches as well as attorneys’ fees, costs, and expenses. Hence, if you had a Yahoo premium account or used small business services, you will be getting reimbursement as per Yahoo.
As things stand right now, users and Yahoo will officially find out whether the settlement has been approved when the company appears in a San Jose court on April 2, 2020.