Thanks to the biggest data breach in history, Yahoo users can now submit claims under a $117.5 million settlement — which means pay day just came early.
Back in 2016, Yahoo said it had multiple data security breaches between 2013 and 2016 which affected about 3 billion accounts. It also admitted intrusions in early 2012. Some of the victims whose personal information was stolen, the breaches were said to have lead to identity and credit thefts and bank fraud.
The settlement covers residents of the United states (194 million) and Israel (about 200,000) who received a notice from Yahoo about the breaches or who had a Yahoo email address at any time between Jan. 1, 2012 or Dec. 31, 2016.
Claimants can receive credit-monitoring services or $100 compensation for services they have already ordered, up to $25,000 in out-of-pocket costs for losses and lost time related to the breaches, and reimbursement of a portion of payments for Yahoo premium or small business services.
Yahoo account holders must file a claim online or by mail by July 20, 2020 to be reimbursed. If Yahoo account users would like to sue Yahoo, they must exclude themselves from the settlement class by March 6, 2020.
A hearing is scheduled for April 2, 2020 in the U.S. District Court Northern District of California in San Jose for final approval of the settlement. If the deal is approved, claimants could expect to be compensated within a few months afterward, according to one of the plaintiffs’ attorneys, John Yanchunis.
U.S. prosecutors charged two Russian intelligence agents along with two hackers in one of the Yahoo breaches in 2017. Of those hackers, one later pleaded guilty and was sentenced to five years in prison.