Equifax’s $700 million data breach settlement spurs criticism, calls for new rules

By Pete Schroeder WASHINGTON (Reuters) - Credit-reporting company Equifax Inc will pay up to $700 million to settle claims it broke the law with a massive 2017 data breach and to repay harmed consumers, in a landmark settlement that could spur new consumer data rules. The largest-ever settlement for a data breach draws to a close multiple probes into Equifax by the Federal Trade Commission, the Consumer Financial Protection Bureau and nearly all state attorneys general. It also resolves pending class-action lawsuits against the company

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