“Moreover, the settlement provides that alternative compensation claimants will receive up to $125, not a $125 guaranty,” the filing said. In reality, class members who wanted the cash payment had to name the credit monitoring they already used and attest that they would use it for at least six months, the attorneys said. “The media coverage created a widespread misperception that all consumers impacted by the data breach (and in some cases all Americans, regardless of class membership) could get alternative compensation of $125 simply by filing a claim,” the motion said. The filings also discuss the lawyers’ work to correct the public misunderstanding about the $125 offer. The sides then took the terms to federal regulators and attorneys general, who added their own input, tacking on more time in the deal talks, according to the court filings. The court papers mention lengthy negotiations with Equifax that culminated in a late-night deal on settlement terms in March. The lawyers deserve every penny, they say, given the work they’ve already poured into the case and what they’ll continue to do as the consumer claims process moves on in the months and years to come. The data comes in the plaintiffs’ attorneys motion for $77.5 million in legal fees, plus reimbursement for $1.2 million in expenses. Victims’ lawyers want $77.5 million in legal fees More people will “undoubtedly” sign up for the free credit monitoring by that point, their filing said. 22, 2020 to file claims either for free credit monitoring, the cash payment, or to cover out-of-pocket losses from the breach. So far, victims have filed claims for cash and lost time totalling more than $60 million, attorneys wrote.Ĭonsumers have until Jan. There’s a separate bucket of money - $69 million - that will be used to compensate victims’ lost time. The filing indicates the bucket of money for the cash compensation, capped at $31 million, will be used up. “While all class members will not file a credit monitoring claim, nearly 3 million class members already have done so,” the filing said, adding the retail price of all that credit monitoring is “worth nearly $6 billion.” Tuesday’s filing gave a first glimpse at the number of people who agree, so far, with the attorneys and regulators like the Federal Trade Commission. By contrast, the retail value of credit monitoring was an estimated $1,920, court papers noted. Both the plaintiffs’ lawyers and regulators have previously said the free credit monitoring was the better deal - especially considering that the people hoping for cash will, in all likelihood, get far less than $125.
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