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We had a class action lawsuit before and what did it get: 1) hundreds of millions for corporate lawyers 2) almost nothing for everyone else Without functional
by enterthematrix 4y ago
We had a class action lawsuit before and what did it get:
1) hundreds of millions for corporate lawyers
2) almost nothing for everyone else
Without functional market dynamics (ie actual competition), the class actual lawsuit doesn't actually influence Experience etc to do anything because they will always own the market, so they can continue to fuck people forever.
- echelon 4y ago> almost nothing for everyone else The Equifax class action lawsuit required you to fill out a form. Half a year later, they required you to fill out another form and then mail something in. If you forgot at any point, you'd not be entitled to your paltry settlement. The game is rigged.
- gruez 4y ago>the class actual lawsuit doesn't actually influence Experience etc to do anything because they will always own the market except as you admitted yourself, they had to pay "hundreds of millions for corporate lawyers." That seems at least somewhat of an incentive to step up security.
- pksebben 4y agonot a terribly significant dent, considering their pre tax profit is in the billions https://www.experianplc.com/media/latest-news/2022/full-year-results-fy22-180522/ https://www.experianplc.com/media/latest-news/2022/full-year...
- gruez 4y agoYeah but "hundreds of millions" can buy a lot of cybersecurity consultants. The shoplifting loss from a single store probably doesn't make much of a dent in a S&P 500 retailer's profit either, but they still spend money on loss prevention because it saves money on net.
- hackernewds 4y agoThe cyber security could plausible cost less than the EXPECTED value of the fines. That's the crux of it