You Probably Won’t Get More Than $ 7 From the Equifax Settlement
Remember the time we all filed class action suits for Equifax infringement hoping to get $ 125 apiece? We so rightly deserved (or so we thought) enough money to almost buy a set of AirPods after the anguish knowing that our personal data may have been lost as a result of 147 million accounts hacked in 2017.
First, we realized we needed to keep the horses, because the math just didn’t add up. A careful reading of the Settlement FAQ revealed that if claims in excess of $ 31 million were filed, compensation would be “reduced and prorated”. In fact, there was such a big reaction to the cash settlement option that Equifax started asking people to prove they deserved their $ 125, rather than demanding free credit monitoring.
Now there is more evidence against anyone really giving up on this $ 125 thing.
On Thursday, a judge upheld the settlement and awarded attorneys representing the (consumer!) Class in the case, $ 77.5 million. It takes up a significant chunk of Equifax’s $ 380.5 million consumer restitution fund, CNBC reported . The Hamilton Lincoln Law Institute told CNBC that your likely compensation is now “reduced to $ 6 or $ 7” or less.
Yes, legal fees and consumer payments are pooled into the same fund. Check out a summary of everything that needs to be paid out of that $ 380.5 million on theEquifax Settlement website :
Even if Equifax adds an additional $ 125 million, the fund still won’t be enough to offer you somewhere around $ 125.
Consumers who provide proof of damage are eligible to claim up to $ 20,000 in damages, but they can still receive a large check. But if you did not feel the direct impact of the violation and chose to receive money, rather than free credit monitoring, it is time to lower your expectations.
If you haven’t filed a grievance yet, we have a guide to help you verify your eligibility . You must file your claim by January 22, 2020. And if you haven’t already applied, can we recommend requesting credit monitoring services instead of cash? Even the FTC thinks this is a better deal.