A Win for Credit Unions in the Equifax Law Suit
June 12, 2020
This week, CUNA and the credit union leagues across the nation, notched a win in the three-year old class action law suit against Equifax for the breach of credit union members’ personally identifiable information (PII) and payment card data. The mass breach in 2017 impacted approximately 143 million U.S. consumers. The breach resulted in credit unions bearing the cost from re-issuing compromised cards and other expenses. As a result of the settlement, credit unions in the Settlement class (those that had alerted-on payment cards) may make claims against a $5.5 million fund, $4.50 per alerted-on payment card and up to $5,000 for documented damages claims arising from the theft of PII.
Legal advocacy by NWCUA, CUNA and regional credit union leagues, such as in the class action law suit against Equifax, enhance the advocacy life cycle by obtaining judicial decisions that provide immediate relief and help drive changes in legislation and regulation.
Posted in Advocacy on the Move.