![\"EFX](\"https:\/\/mma.prnewswire.com\/media\/476502\/Equifax_Powering_the_World_Logo.jpg\"){kind=logo}
<\/figure>\n\n\n\nThe $671 million\n resolution includes settlement agreements that would resolve the \nmulti-district consumer class action litigation, as well as \ninvestigations by the Federal Trade Commission (FTC), the Consumer \nFinancial Protection Bureau (CFPB), the Attorneys General of 48 states, Puerto Rico and the District of Columbia, and the New York Department of Financial Services (NYDFS). <\/p>\n\n\n\n
If approved by the Court, a consumer restitution fund of up to $425 million\n will be available to pay for three-bureau credit monitoring for \nconsumers whose information was impacted in the 2017 breach, actual \nout-of-pocket losses related to the breach, and other consumer benefits \nsuch as identity restoration services. Equifax has been providing free \ncredit monitoring services to consumers since September 2017. <\/p>\n\n\n\n
“This comprehensive settlement is a positive step for U.S.\n consumers and Equifax as we move forward from the 2017 cybersecurity \nincident and focus on our transformation investments in technology and \nsecurity as a leading data, analytics, and technology company,” said \nEquifax Chief Executive Officer, Mark W. Begor. “The consumer fund of up\n to $425 million that we are announcing today reinforces \nour commitment to putting consumers first and safeguarding their data – \nand reflects the seriousness with which we take this matter. We have \nbeen committed to resolving this issue for consumers and have the \nfinancial capacity to manage the settlement while continuing our $1.25 billion\n EFX2020 technology and security investment program. We are focused on \nthe future of Equifax and returning to market leadership and growth.”<\/p>\n\n\n\n
As\n part of the resolution, Equifax has agreed to continue the significant \nsteps it has taken in the wake of the cybersecurity incident to enhance \nits information security and technology program. It also has agreed to \nmake payments totaling $290.5 million directly to certain\n state and federal regulatory agencies and to pay attorneys’ fees and \ncosts in the multi-district litigation. Equifax recorded an accrual of $690 million in the first quarter of 2019 and expects to increase its accrual by approximately $11 million in the second quarter of 2019 principally related to the comprehensive consumer settlement, resulting in a total $701 million accrual related to the 2017 cybersecurity incident.<\/p>\n\n\n\n
If\n the Court approves, members of the settlement class will receive \nnotification of their rights and options as part of the multi-district \nlitigation. More information can be found at www.equifaxbreachsettlement.com<\/a>. <\/p>\n\n\n\n Additional\n detail on the terms of the proposed settlement in our Form 8-K filed \ntoday with the Securities and Exchange Commission. <\/p>\n\n\n\n Equifax CEO Mark Begor will provide details in the following conference calls: <\/p>\n\n\n\n Please\n dial the appropriate number 5-10 minutes prior to the start of the \ncalls to complete registration. Name and affiliation\/company are \nrequired to join.<\/p>\n\n\n\n Forward-Looking Statements<\/strong><\/p>\n\n\n\n This\n release contains forward-looking statements and forward-looking \ninformation. These statements can be identified by expressions of \nbelief, expectation or intention, as well as statements that are not \nhistorical fact. These statements are based on certain factors and \nassumptions. While the company believes these factors and assumptions to\n be reasonable based on information currently available, they may prove \nto be incorrect.<\/p>\n\n\n\n Several factors could cause actual results to \ndiffer materially from those expressed or implied in the forward-looking\n statements, including, but not limited to, potential adverse \ndevelopments in new and pending legal proceedings or government \ninvestigations, including the failure to obtain final court approval of \nthe agreements which make up the Consumer Settlement; uncertainties \nregarding the ultimate amount and timing of payments the Company may be \nrequired to make in connection with the Consumer Settlement; the cost of\n compliance with the Company’s non-monetary obligations associated with \nthe Consumer Settlement; uncertainties regarding the outcome of the \nremaining legal proceedings or government investigations related to the \n2017 cybersecurity incident; and limitations on the Company’s ability to\n access the capital markets and corresponding effects on the Company’s \nability to finance its obligations. A summary of additional risks and \nuncertainties can be found in the Company’s Annual Report on Form 10-K \nfor the year ended December 31, 2018, including without limitation under\n the captions “Item 1. Business \u2014 Governmental Regulation” and “\u2014 \nForward-Looking Statements” and “Item 1A. Risk Factors,” and in the \nCompany’s other filings with the U.S.\n Securities and Exchange Commission. Forward-looking statements are \ngiven only as at the date of this release and the company disclaims any \nobligation to update or revise the forward-looking statements, whether \nas a result of new information, future events or otherwise, except as \nrequired by law.<\/p>\n\n\n\n About Equifax\u00a0<\/strong> Jul 22, 2019 Agreements Establish Restitution Fund for Consumers ATLANTA, July 22, 2019 \/PRNewswire\/ — Equifax Inc. (NYSE: EFX) today announced a comprehensive resolution of significant U.S. consumer-related litigation and regulatory matters facing the company related to its 2017 cybersecurity … Continue reading
<\/strong>U.S. and Canadian participants should dial: (888) 254-3590.
International callers should dial: (786) 789-4797.
A\n replay of this conference call will be available beginning Monday, July\n 22 at 12:00 p.m. ET and ending at 12:00 p.m. ET on Monday, July 29. To\n access the replay, please register<\/a>.<\/em><\/li>
<\/strong>U.S. and Canadian participants should dial: (800) 289-0438. International callers should dial: (786) 789-4783.<\/li><\/ul>\n\n\n\n
Equifax is a global data, analytics, and technology company and believes knowledge drives progress. The Company blends unique data, analytics, and technology with a passion for serving customers globally, to create insights that power decisions to move people forward. Headquartered in\u00a0Atlanta, Equifax operates or has investments in 24 countries in\u00a0North America, Central and\u00a0South America,\u00a0Europe\u00a0and the\u00a0Asia Pacific\u00a0region. It is a member of Standard & Poor’s (S&P) 500\u00ae Index, and its common stock is traded on the New York Stock Exchange (NYSE) under the symbol EFX. Equifax employs approximately 11,000 employees worldwide. For more information, visit\u00a0Equifax.com<\/a>\u00a0and follow the company’s news on\u00a0Twitter\u00a0and\u00a0LinkedIn.<\/p>\n","protected":false},"excerpt":{"rendered":"