Yahoo has announced that a series of data security intrusions and breaches exposed the personal information from more than three billion accounts from 2013 to 2016. Now, the company has agreed to a $117.5 million settlement.
Under the terms of the settlement announced Wednesday, Yahoo has agreed to establish a settlement fund that will underwrite free credit monitoring or alternative compensation for those who already have credit monitoring services, and out-of-pocket costs for losses related to the data breaches.
Yahoo also announced it will reimburse some of the costs for those who paid for Yahoo premium or small business services from the fund.
If you received a notice about the data breaches or if you had a Yahoo account at any time between Jan. 1, 2012 and Dec. 21, 2016, and are a resident of the U.S. or Israel, you are entitled to receive settlement benefits.
Consumers in the settlement class can claim up to $25,000 each for relief
The $117,500,000 consumer fund will be used to provide reimbursements to affected consumers for time and money they spent related to the breach.
Consumers will be able to claim up to $25,000 each, according to Yahoo's release.
This will include $25 an hour up to 15 hours for time spent protecting personal information or addressing identity theft after the breach, so long as the lost time is documented.
If lost time is not documented, eligible account holders can receive payment for up to five hours at the same rate.
In addition, all affected consumers are eligible to receive at least two years of free credit monitoring.
Consumers who already have credit monitoring services are eligible for a $100 cash payment as reimbursement for the existing service.
How to file a claim
If you would like to file a claim for benefits, it must be received online or by mail by July 20, 2020.
If you would like to keep your right to sue Yahoo and Aabaco Small Business, LLC, you must exclude yourself from the settlement class by March 6, 2020. If you exclude yourself, you will not receive any credit monitoring or monetary relief.
For complete information and to file a claim for benefits, visit the settlement website at www.YahooDataBreachSettlement.com.
Video above is from a previously published story.