Plaintiffs in a class action suit against Yahoo! Inc. have filed an amended settlement agreement, following the U.S. District Court for the Northern District of California’s denial of preliminary approval on January 30, 2019. The plaintiffs seek to recover damages arising out of the 2012, 2013 and 2014 data breaches announced by Yahoo in 2016, which exposed the personal data of 3 billion users. The amended settlement agreement provides for a settlement fund of $117,500,000, which, if approved, would be the largest common fund ever established in a data breach case. The proposed settlement fund is structured to provide greater transparency than the earlier proposal. It is calculated to accommodate the claims of up to 194 million users, and provides for two years of credit monitoring, administrative and attorneys’ fees, out of pocket expenses and lost time.
The settlement requires approval by the court.