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Not everyone is getting $125 from the Equifax settlement — and Elizabeth Warren is asking why - The Boston Globe

posted onAugust 15, 2019
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Article snippet: WASHINGTON - Not everyone is going to receive the $125 they might have expected out of a settlement between Equifax and government regulators over its 2017 security breach - and Massachusetts Sen. Elizabeth Warren is asking why. For the Democratic lawmaker and 2020 presidential candidate, the concern is that the Federal Trade Commission, one of the agencies that probed Equifax, initially offered ‘‘misleading public descriptions’’ about the relief available to the roughly 147 million Americans whose names, addresses and Social Security numbers had been compromised. In response, Warren is asking the agency’s inspector general to probe both the ‘‘terms of and FTC’s public description of the settlement.’’ ‘‘The FTC has the authority to investigate and protect the public from unfair or deceptive acts or practices, including deceptive advertising,’’ Warren wrote. ‘‘Unfortunately, it appears the agency itself may have misled the public about the terms of the Equifax settlement and their ability to obtain the full reimbursement to which they are entitled.’’ At issue for Warren is the FTC’s statements online, which for days indicated that Americans affected by the breach could obtain identity-protection services - or ‘‘a cash payment of $125’’ for those who already have such services. Under its settlement with state and federal regulators, Equifax must pay up to $700 million for mishandling Americans’ data, including its failures to patch known security vulnerabilities i... Link to the full article to read more

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