Related to Data Breaches
Case: In re Equifax, Inc. Derivative Litigation, 1:18-CV-00317-TWT(N.D. Ga. 2018)
Date: February 6, 2018
The consolidated shareholder derivative complaint alleged claims derivatively on behalf of Equifax against the individual defendants for breach of fiduciary duties, unjust enrichment, waste, insider trading, and violations of the federal securities laws. Lead plaintiffs sought, among other things, monetary damages and the implementation of corporate governance and internal control reforms to prevent or at least to mitigate the risk of recurrence of the data breach.
What were the results of this Shareholder Derivative Litigation?
Here, the class and derivative actions settled in tandem yielding a $149 million deal to end the securities fraud suit on behalf of a putative class of Equifax investors related to the credit reporting agency’s massive 2017 data breach and a $32.5 million deal in a derivative shareholder suit stemming from the same incident and underlying facts