Economy

Yahoo's data breach settlement has now been revised to $117.5 million

Yahoo's data breach settlement has now been revised to $117.5 million”

It was initially estimated that the once glorious Yahoo, which is now part of Verizon, would end up paying up to $85 million to settle the class action lawsuit levied against it by angry users.

Yahoo has reportedly reached a revised $117.5m (£89.7m) settlement with millions of victims whose email addresses and other personal information were stolen in the largest data breach ever recorded.

A Judge in San Jose, California had rejected the settlement previously proposed by Yahoo! in January. The money will be paid by Yahoo's current owner, Verizon, and Altaba, a holdover from Yahoo's past that still owns a stake in Chinese internet company Alibaba Group worth billions of dollars.

Three breaches took places between 2013 and 2016, with a total of 3bn accounts affected. Yahoo spent one-fifth that amount between 2013 and 2016.

Verizon finalized the acquisition of Yahoo in 2017.

It covers as many as 194m people in the United States and Israel with roughly 896m accounts. But the number of people who participated in the lawsuit is significantly lower, with Reuters today reporting that the settlement could be split between 194 million people.

Verizon has since written off much of the almost $4.5 billion price for the Yahoo acquisition in sign of the eroding value of that business.

Well, now Yahoo has come back with an improved offer, which will involve the company paying out $117.5m.

And just to put a neat little bow on the calamity, Yahoo went and leaked another 500 million accounts a year later. The service from AllClear usually costs $14.95 per month, or $359 for two years.

The settlement will also pay up to $32.5 million in fees and other expenses to the lawyers representing Yahoo accountholders, down from the $37.5 million sought in the earlier agreement - another sticking point for Koh.

"We believe that the settlement demonstrates our strong commitment to security", a spokesperson for the Yahoo's parent company Verizon Media told CNN Business.

Verizon has also agreed separately to pour additional funds into Yahoo's security and workforce.



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