Consumers to get smaller-than-expected payout for Equifax breach

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The Equifax logo. Photo credit: Equifax

Last week Equifax agreed to pay as much as $700 million to consumers. It was their penance for exposing the data of 147 million people to hackers in 2017. After the settlement, LA Times columnist David Lazarus wrote that anyone who was affected by the breach had a moral obligation to apply for the money and hold Equifax accountable. On Wednesday, Equifax told the Federal Trade Commission that it was overwhelmed by applications for the payout, and therefore consumers will get far less than expected.