Fallen web giant Yahoo is still embroiled in legal actions regarding last year’s massive data breach. You may remember that was the biggest data failure in history. Now under Verizon’s wing, Yahoo has submitted a settlement to the U.S. district court. If agreed, the company would pay victims a total of $50 million.
Yahoo submitted the settlement to the court of the Northern District in California this week. Under the proposed terms, the company would create a $50 million fund which claims made by victims would be paid from.
Additionally, Yahoo will provide two years of credit monitoring free from AllClear. The company says this package is valued at around $350.
3 billion people were affected by last year’s record-breaking data breach. Any user who can show a documented loss of time caused by the breach can make a claim. Under the terms, users would receive $25 per hour lost up to 15 hours, which means $375 in monetary compensation.
Without documentation, users will still be eligible for up to five hours and a total of $125. Yahoo’s breach occurred in 2013 but was only disclosed last year. If the settlement is approved, the company will be able to close the chapter after already paying a $35 million fine to the SEC.
A hearing to decide the fate of the settlement is scheduled for November 29.
The breach also resulted in Verizon reducing its bid for Yahoo by $350 million. The telecommunications giant has originally bid $4.8 billion, but finally paid $4.45 billion for the company.
Yahoo put the blame for the breach on state-sponsored attackers.