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Equifax to Pay Up to $700 Million for Data Breach, Here’s How to Claim Your Money

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  • Equifax will be required to pay up to $700 million under a settlement for a 2017 data breach that revealed the data of 147 million people.
  • As much as $425 million will be allocated to compensate people impacted by the breach, and those individuals will receive at least $125 dollars and as much as $20,000. 
  • Anyone can check to see if they were affected by the hack and file a claim if needed on Equifax’s website.

Equifax Data Breach Settlement

Credit reporting company Equifax will pay up to $700 million in a new settlement over a 2017 data breach that exposed the personal information of 147 million people.

The breach exposed names, birth dates, addresses, drivers license numbers, and Social Security numbers. It’s been dubbed the largest hack in U.S. history and now, the deal reached with Equifax will be the largest settlement ever paid-out for a data breach.

In a statement Monday, the Federal Trade Commission (FTC) said Equifax had agreed to pay at least $575 million and up to $700 million in damages. However, not all of that money will go to the nearly 150 million people impacted by the hack.

As much as $425 million will go to compensate the individuals who were affected. About $175 million will go to 48 states, the District of Columbia, and Puerto Rico. The other $100 million will go the Consumer Financial Protection Bureau for civil penalties.

According to the FTC, the people affected by the breach can file a claim and will be entitled to at least $125 and at most $20,000. Those entitled to the $125 can opt to enroll in up to 10 years of free credit monitoring instead of the reimbursement.

Those impacted can also be compensated $25 per hour for up to 20 hours for time spent dealing with the breach, though they have to provide proof. They will also be offered free identity restoration services for up to seven years.

If you’re one of the 147 million whose information was leaked in the breach, here’s how you can claim your money.

Step 1: Go to the Website & Verify Your Data Was Breached

The first step is to go to the website and see if your data was breached.

You can do this by scrolling down and clicking “Find Out If Your Information Was Impacted.”

Source: Equifax

You will be asked to provide your last name and the last six digits of your Social Security number. You may be hesitant to provide this information to Equifax, but there is no cause for concern because a third the company will be handling the pay-outs and claims.

Source: Equifax

Step 2: File a Claim

If you find that your data has in fact been compromised, you will be provided an option to file a claim on the same page.

Source: Equifax

If you choose to file a claim, you will be asked a series of simple questions about yourself such as your name, number, address, and year of birth.

Source: Equifax

Step 3: Choose Compensation or Credit Monitoring

Once that is complete, you will be asked to choose either the free credit monitoring option or the $125 compensation.

Source: Equifax

Step 4: Reimbursement for Time Spent Trying to Recover

After that, you will be asked if you wish to claim reimbursement for the time you spent trying to recover from fraud or identity theft. If you claim 10 hours or less, you will be required to describe what you did to address the breach, and how long it took.

If you claim more than 10 hours, you will be required to provide documentation to show proof of the fraud or identity theft. 

Step 5: Reimbursement for Money Lost or Spent

Finally, you will be asked if you lost or spent money while trying to recover from fraud or identity theft. If you click “Yes,” you will be required to provide documentation.

Source: Equifax

The good news is once that is complete, you’re all done. The bad news is, it will be some time before you see that money. According to the FTC, benefits will not be sent out until January 23, 2020, at the earliest.

See what others are saying: (Business Insider) (CNN) (The Verge)

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CVS, Walgreens, and Walmart Helped Fuel the Opioid Crisis, Jury Finds

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While all three chains have vowed to appeal, this ruling is a massive win for plaintiffs who argued that opioid manufacturers and retailers violated “public nuisance” laws when contributing to the opioid epidemic.


Jury Sides Against Retailers

A federal jury in Cleveland agreed Tuesday that CVS Health, Walgreens, and Walmart — three of the country’s biggest pharmacy chains — are responsible for contributing to the opioid crisis in two Ohio counties.

This is the first time that the retail arm of the drug industry has been held accountable for opioid overdoses and deaths. It’s also the first time a jury has been used to decide in a major opioid lawsuit.

Previously, only manufacturers such as Purdue Pharma and Johnson & Johnson faced settlements or penalties, though the latter narrowly escaped $465 million in opioid fines in Oklahoma earlier this month after the state’s Supreme Court overturned a lower court ruling. 

Many plaintiffs in thousands of similar lawsuits all across the country are seeing the Ohio jury’s decision as an optimistic sign — especially since most of them are using the same argument. Plaintiffs in Ohio alleged that either opioid manufacturers or retailers violated “public nuisance” laws by ignoring harm caused by opioid abuse that later snowballed into a full-fledged public health crisis. 

Retailers Vow to Appeal

Unsurprisingly, all three chains have promised to appeal Tuesday’s verdict.

There is precedent to think this decision could be overturned. For example, the now-overturned J&J lawsuit first successfully used the public nuisance argument in lower courts, but during an appeal, the Oklahoma Supreme Court thought the plaintiff’s argument was too broad. 

That said, every state has different public nuisance laws, so there may not be a clear-cut answer as to what actually could happen with all these cases. 

Despite a pending appeal, the judge overseeing Tuesday’s Ohio verdict will make a determination on how much these companies must pay after additional hearings in the spring. 

While the retail arm has largely avoided settling up to this point, if this case ultimately does not go their way, it could open the door for future settlements if they decide that route is less costly than going to trial. 

See what others are saying: (The New York Times) (Associated Press) (The Wall Street Journal)

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Biden Authorizes Release of 50 Million Barrels of Oil From U.S. Reserve To Ease Gas Prices

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Experts believe the release will, at best, provide temporary relief to extremely high gas prices but only if other countries tap into a significant amount of oil from their reserves as well. 


Biden Taps Into Oil Reserves

President Joe Biden authorized the release of 50 million barrels of oil from the U.S. Strategic Petroleum Reserve on Tuesday in an attempt to bring down staggeringly high gas prices.

“American consumers are feeling the impact of elevated gas prices at the pump and in their home heating bills, and American businesses are, too, because oil supply has not kept up with demand as the global economy emerges from the pandemic,” a White House announcement reads. “That’s why President Biden is using every tool available to him to work to lower prices and address the lack of supply.”

As of Tuesday morning, the national average of gas sat at $3.40, according to the American Automobile Association (AAA). While down slightly over the last few days, the national average for November remains the highest it’s been since 2013. 

Despite the announcement, Americans shouldn’t expect to see an immediate drop in gas costs. In fact, gas prices are unlikely to be impacted much in the coming weeks since the government’s reserve only stores crude oil, which will need time to be refined into gasoline. 

Many analysts expect gas from the reserves to start reaching consumers’ pumps around mid-December, but even then, it will likely be used up in around a week. Last year, the U.S. used about 8 million barrels of gas from the reserve a day.

Those two factors are likely major contributors to why this news didn’t do much to calm the oil market. Following the announcement Tuesday, the benchmark oil price in the U.S. — measured by West Texas Intermediate crude futures — actually rose. 

Last week, Biden asked the Federal Trade Commission to look into “mounting evidence of anti-consumer behavior by oil and gas companies” amid rising gas prices. 

Price Concerns Persist

In its announcement, the White House said the U.S. release is being taken “in parallel with other major energy consuming nations, including China, India, Japan, Republic of Korea, and the United Kingdom.” 

A number of analysts cited by various news publications have predicted that this kind of multi-country release is the only chance the U.S. actually has of meaningfully impacting gas prices.

“The bottom line for motorists is this moves the needle — but barely, and maybe not for a very long period of time,” Patrick De Haan, an industry expert at Gas Buddy, explained to The Washington Post. “It’s certainly something, but how much that something is will be contingent on how much the other countries put in.”

It is currently unclear how much oil the other countries plan to release, though Indian officials have said the country will release 5 million barrels from its reserve. 

Efforts could also go south in the long-term if the Organization of the Petroleum Exporting Countries (OPEC) pushes back. It previously warned of a possible response if Biden decided to make this type of release, with the organization arguing that the U.S. has no real justification for needing to tap into its reserve. 

“There’s a threat this could lead to a risk of prices being elevated for longer if OPEC holds back meaningful production increases as a result,” De Haan told The Post. 

Overall, the release of oil is a tricky situation for Biden. He was already facing stacking criticism from Republicans for recent inflation and supply chain bottlenecks. Even now, many have said the release of 50 million barrels isn’t good enough on its own.

On the other side, Democrats like Senate Majority Leader Chuck Schumer (N.Y.) have argued that tapping into the reserve could provide temporary relief.

See what others are saying: (The Washington Post) (Business Insider) (Fox Business)

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Looters Launch Coordinated Attacks on High-End Stores Like Louis Vuitton in Chicago and San Francisco

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It’s unclear if the multiple attacks in each city are connected, but police have described the events as coordinated and planned. 


Raid on San Francisco’s Union Square

Dozens of individuals looted at least 10 stores in San Francisco’s Union Square on Friday, though that’s far from the only seemingly organized raid that occurred over the weekend.

Cell phone video from the incident shows multiple people running into a Louis Vuitton store and emerging with armfuls of merchandise. KGO-TV reporter Dion Lim shared images of the store picked clean in the aftermath, with its windows shattered. Burberry, Fendi, and YSL were among the other businesses she said looters targeted.

Video shared by Twitter user @CARLITOSGUEY shows San Francisco police officers swarming a Mustang outside of the Louis Vuitton store and beating its windows with their batons. They then pull someone from the passenger’s seat and pin that person to the ground.

At a news conference on Saturday, police told reporters they “were confronting an armed individual” in the Mustang. That vehicle, along with another, has now been seized by the department. Police also said they have so far made eight arrests connected to the incident. 

Police Chief Bill Scott has called the attack “concerted,” saying, “There’s no doubt in my mind that this was not unplanned.”

In total, over $1 million in merchandise was stolen. 

Other San Francisco Raids

Friday’s raid was quickly followed up the next night when around 80 looters ransacked a Nordstrom near San Francisco. All but three thieves managed to evade authorities.

At least two store employees were assaulted during the attack, including one worker who was pepper-sprayed by looters, according to a press release published Sunday by the Walnut Creek Police Department. 

Like the previous raid in Union Square, police described this attack as “clearly a planned event.” 

On Sunday night, yet another raid occurred at a jewelry store in Hayward, which is about 30 miles outside of San Francisco.

As of Monday afternoon, investigators have not been able to confirm whether these attacks are connected, though in recent years — and especially in recent months — they have become increasingly common.

For example, in May, Walgreens said it closed 17 Bay Area stores because of rampant shoplifting. 

“We are exploring every single possible criminal charge related to the conduct,” San Francisco District Attorney Chesa Boudin said Saturday. “We will use every tool in our tool belt.”

Chicago Louis Vuittons Raided 

The attacks in San Francisco follow a similar event that happened in a Louis Vuitton store in the suburbs of Chicago this past Wednesday.

During that heist, a group of 14 seemingly unarmed individuals ran into the store in broad daylight and began stockpiling merchandise sitting on shelves. 

So far, police have not made any arrests; however, they said they have retrieved one of the three vehicles the looters used as getaway cars. 

They also confirmed that no one was injured during the attack but that $120,000 in merchandise was stolen.

See what others are saying: (KGO-TV) (The Washington Post) (NBC News)

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