As the aftermath of Equifax’s data breach is in full effect, the credit reporting company is quickly facing investigations.ClassAction.com has already filed a lawsuit on behalf of the estimated 143 million consumer records affected by the Equifax data breach.Attorney John Yanchunis of ClassAction.com and Morgan & Morgan filed the complaint, which noted that lead plaintiffs Jamie McGonnigal and Brian Spector individually, and on behalf of all others similarly situated, bring this class action case against Equifax for its, “gargantuan failures to secure and safeguard consumers’ personally identifiable information.”Equifax announced it had discovered the cyber security incident (data breach), yet allegedly failed to provide timely, accurate, and adequate notice to consumers until more than a month later, according to the complaint.Although Equifax has acknowledged that it discovered the breach on July 29, 2017, the lawsuit accuses three Equifax managers of selling their stock in Equifax prior to the data breach announcement.”Equifax has acknowledged that it discovered the breach on July 29th. What it hasn’t explained is why it waited so long to make an announcement that the breach had occurred,” Yunchunis said. “The profiteering before the company’s announcement is astounding.”According to the complaint, Plaintiffs seek, “statutory damages under the Fair Credit Reporting Act (“FCRA”) and state consumer protection statutes, reimbursement of out-of-pocket losses and other compensatory damages, credit monitoring services beyond Equifax’s current two-year offer, and an order requiring Equifax to improve their data security measures.”Yanchunis has served as the lead counsel for a number of data breach cases, and according to ClassAction.com, he finds Equifax’s situation shocking.”Equifax contains one of the largest databases of consumer information and they should have been better prepared for any attempt to penetrate its systems,” Yanchunis said.The Consumer Financial Protection Bureau is also looking into the data breach and Equifax’s response, Bloomberg reported. While New York’s Attorney General Eric Schneiderman has announced via Twitter that he has launched an investigation as well.I am launching a formal investigation into the #Equifax breach. Today, I sent a letter to @Equifax seeking additional information. pic.twitter.com/qlZIs8OKnO— Eric Schneiderman (@AGSchneiderman) September 8, 2017 Home / Daily Dose / The People vs. Equifax Sign up for DS News Daily The Week Ahead: Nearing the Forbearance Exit 2 days ago September 8, 2017 2,570 Views Print This Post Previous: Mortgage Industry Springs into Action for Irma Next: NOLA Mismanaging HUD Funds Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Tagged with: data breach HOUSING mortgage Demand Propels Home Prices Upward 2 days ago About Author: Nicole Casperson Related Articles Nicole Casperson is the Associate Editor of DS News and MReport. She graduated from Texas Tech University where she received her M.A. in Mass Communications and her B.A. in Journalism. Casperson previously worked as a graduate teaching instructor at Texas Tech’s College of Media and Communications. Her thesis will be published by the International Communication Association this fall. To contact Casperson, e-mail: [email protected] data breach HOUSING mortgage 2017-09-08 Nicole Casperson Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Subscribe in Daily Dose, Featured, News Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share Save The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The People vs. Equifax
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