Equifax announced on Monday that it has agreed to a record-breaking settlement related to its massive 2017 data breach, which exposed the personal and financial records of more than 148 million people. The settlement requires the beleaguered credit ratings agency to spend at least $1.38 billion to resolve consumer claims against it. It creates a non-reversionary fund of $380.5 million to pay benefits to the class of consumers harmed by the breach, including cash compensation, credit monitoring, and help with identity restoration.
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