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If 150M people have suffered $125 in damages each, then Equifax needs to either pay out the $18B or declare insolvency.

zadkey 7y ago
I agree. This is the best solution. This is what Equifax deserves. Though honestly, it's not enough. How much damage can someone do with my name and social security number? I bet you it's more than 125 dollars can fix. This data could end up circulating the web or dark web for years and years.
ronsor 7y ago
after which their assets can be liquidated to pay off their debts to the people
- coldpie 7y ago
  As should the executives' assets.
maerF0x0 7y ago
But that's not the settlement. The settlement is a fixed amount divided by claimants.
ryanlol 7y ago
150M people have not suffered $125 damages each
- rconti 7y ago
  How much is your time worth?
  - ryanlol 7y ago
    That’s an utterly irrelevant question unless you have evidence of the equifax data being abused.
    - taborj 7y ago
      > That’s an utterly irrelevant question unless you have evidence of the equifax data being abused. No, because time spent putting safeguards in place to prevent its usage should it be abused is worth something. You don't lock your doors after someone has broken into your house; you take measures to keep them out. In the same vein, you don't protect your credit after someone has abused it; you take measures to keep it from having serious consequences. And taking measures costs time, and time is money.
      - ryanlol 7y ago
        There are simply no useful measures you could take in response to the Equifax breach. If you choose to waste your time that is on you, not Equifax.
        taborj 7y ago
        Ah, the old "this is hard, let's give up" strategy. No thanks, that's not for me.
        ryanlol 7y ago
        What useful safeguards do you imagine people had to spend time putting up because of the equifax breach? If you can’t name any, how can there be costs?
a-priori 7y ago
I say they extract it from the corporate officers by declaring any bonus payments they've returned over the last several years to be invalid and requiring them to be returned. Then if there's any leftover money owed, forbid the company from paying out bonuses in the future until the debt is cleared.

I agree. This is the best solution. This is what Equifax deserves. Though honestly, it's not enough. How much damage can someone do with my name and social security number? I bet you it's more than 125 dollars can fix. This data could end up circulating the web or dark web for years and years.

ronsor 7y ago

after which their assets can be liquidated to pay off their debts to the people

coldpie 7y ago
As should the executives' assets.

maerF0x0 7y ago

But that's not the settlement. The settlement is a fixed amount divided by claimants.

ryanlol 7y ago

150M people have not suffered $125 damages each

rconti 7y ago
How much is your time worth?
- ryanlol 7y ago
  That’s an utterly irrelevant question unless you have evidence of the equifax data being abused.
  - taborj 7y ago
    > That’s an utterly irrelevant question unless you have evidence of the equifax data being abused. No, because time spent putting safeguards in place to prevent its usage should it be abused is worth something. You don't lock your doors after someone has broken into your house; you take measures to keep them out. In the same vein, you don't protect your credit after someone has abused it; you take measures to keep it from having serious consequences. And taking measures costs time, and time is money.
    - ryanlol 7y ago
      There are simply no useful measures you could take in response to the Equifax breach. If you choose to waste your time that is on you, not Equifax.
      - taborj 7y ago
        Ah, the old "this is hard, let's give up" strategy. No thanks, that's not for me.
        ryanlol 7y ago
        What useful safeguards do you imagine people had to spend time putting up because of the equifax breach? If you can’t name any, how can there be costs?

a-priori 7y ago

I say they extract it from the corporate officers by declaring any bonus payments they've returned over the last several years to be invalid and requiring them to be returned. Then if there's any leftover money owed, forbid the company from paying out bonuses in the future until the debt is cleared.