Yahoo! Data Breach Estimated to Cost Successor Company Net $47 Million

Robinson+Cole Data Privacy + Security Insider

Altaba Inc., the successor company of Yahoo Inc., recently noted in a filing with the Securities and Exchange Commission that after its settlement of consumer and shareholder suits relating to Yahoo’s data breach that affected all 3 million of its users, it will have paid a net $47 million in expenses.

This estimate is based upon a tentative agreement to resolve pending state and federal class action suits, as well as a shareholders derivative suit, which is on top of a securities class action suit settlement of $80 million (including $14.4 million in attorneys’ fees) that recently received final approval from the court. That settlement has been touted as the largest securities class action in history involving a data breach.

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