Illinois Credit Union League Joins Equifax Data Breach Lawsuit
The Illinois Credit Union League has joined the Equifax class action lawsuit as a party plaintiff as part of our continuing mission to protect our League member credit unions from losses caused by merchant and vendor data breaches. By joining the lawsuit against Equifax, the League will fight to ensure the best protection and recovery for credit unions, and fight to hold merchants and vendors accountable for their failure to maintain data security.
As you know, from at least May 2017 through July 2017, hackers perpetrated a massive data breach against Equifax and were able to obtain personally identifiable information (“PII”) on over 145 million U.S. consumers. The PII included a substantial number of credit and debit card numbers, dispute documents, names, Social Security numbers, birth dates, addresses, and driver’s license numbers. The data breach resulted from Equifax’s failure to patch a vulnerability in versions of software known as “Apache Struts” used in an online disputes portal. Even after Equifax was warned by the U.S. Department of Homeland Security in March 2017 that the Apache Struts software vulnerability needed to be patched, Equifax failed to do so.
On October 4, 2017, a class action lawsuit was filed in federal court in Georgia by CUNA and several financial institutions against Equifax based on the data breach. The Illinois Credit Union League now joins that lawsuit as a plaintiff. The complaint filed in that case can be accessed here.
Credit unions have suffered and will continue to suffer losses in numerous ways resulting from the data breach, including issuing replacement cards, reimbursing members for fraudulent activity on their accounts, costs of fraud notification, and other costs related to the prevention and mitigation of member fraud. The relief sought in the lawsuit includes compensation for these credit union losses, as well as other monetary and injunctive relief.
Your credit union may want to consider joining the Equifax class action lawsuit as a party plaintiff in order to take a more active role in the litigation. Credit unions that do not join as plaintiffs would still be eligible for recovery obtained through settlement of the lawsuit or judgment. If you would like more information about the Equifax class action lawsuit, please contact Katherine Schnack in the Illinois Credit Union League Office of General Counsel at 630-983-3409 or email@example.com.