Update 7/16/20: Reminder that the deadline for filing a claim is July 20, 2020.
Update 2/5/20: Deadline is July 20, 2020.
Update 10/15/19: Some readers were concerned that this website was a scam due to mainstream media not covering this settlement/settlement website. Other outlets are now covering this story with the same URL: Fox Business | CNN | CNET
Yahoo Class Settlement
A Class Action Settlement has been proposed in litigation against Yahoo! and Aabaco Small Business relating to data breaches (malicious actors got into system and personal data was taken) occurring in 2013 through 2016, as well as to data security intrusions (malicious actors got into system but no data appears to have been taken) occurring in early 2012.
Plaintiffs claim that Defendants failed to adequately protect their Personal Information and that they were injured as a result. Defendants deny any wrongdoing, and no court has made any ruling in these matters.
Yahoo has agreed to make changes to improve security of its customers’ Personal Information stored on its databases. Defendants will also pay for a Settlement Fund of $117,500,000.
Who Is Eligible?
If you received a Notice from Yahoo about the Data Breaches, or if you had a Yahoo account at any time between January 1, 2012 and December 31, 2016, and are a resident of the United States or Israel, you are a “Settlement Class Member.”
How Much Do We Get?
Settlement Class Members are encouraged to submit a claim to receive a minimum of two years of future Credit Monitoring Services. If you already have Credit Monitoring Services, you may still sign up for this additional protection. Alternatively, if you verify that you already have a credit monitoring service that you will keep for at least one year, you may submit a claim for a cash payment of $100.00 instead of receiving Credit Monitoring Services through the Settlement. Payment for such a claim may be less than $100.00 or more (up to $358.80) depending on how many Settlement Class Members participate in the Settlement.
You may additionally provide documentation or proof to receive reimbursement of up to $25,000.00 in out-of-pocket losses, including lost time, that you believe you suffered or are suffering because of the Data Breaches. As to documented lost time, you can receive payment for up to fifteen hours of time at an hourly rate of $25.00 per hour or unpaid time off work at your actual hourly rate, whichever is greater. If your lost time is not documented, you can receive payment for up to five hours at that same rate.
- January 1, 2012 until December 31, 2016 – dates when your Yahoo account was potentially compromised
- March 6, 2020 – final date to exclude yourself from settlement
- April 2, 2020 – court hearing is scheduled for this date
- July 20, 2020 – must file a claim before this date
I suppose that if you already have credit monitoring from some other data breach (e.g. Equifax), that should stand as proof that you “already have a credit monitoring service that you will keep for at least one year,” making you eligible for the potential payout of up to $100 – $358. On the other hand, if you are simply a member of Credit Karma or similar, it’s not clear that that would suffice as verification that you have a monitoring service for the coming year.
Just getting some more credit monitoring doesn’t seem too useful give the plethora of data breaches offering that. If you can get a cash payment from the breach, that seems more worthwhile.
Hat tip to reader y.