Equifax Reveals Additional Breach of Security | Employees Face Insider Trading Charges

Equifax Updates

Additional Victims of Breach Disclosed

Last fall, we discussed the legal ramifications of the data breach at credit reporting giant Equifax. At the time, it was believed that the security compromise had potentially affected approximately 143 million consumers across the United States. In the months since the disclosure first went public, that number has risen—the best current guess adds approximately five million more potential victims. Many of the consumers now considered to have been subject to the breach were not previously identified because their Social Security numbers had not been stolen. Equifax has now disclosed that approximately 2.4 million consumers had their names and drivers license information compromised.

In the aftermath of the data breach disclosure, Equifax offered free credit monitoring for a year, but initially insisted that any consumers who suffered financial loss be required to submit to binding arbitration. After much criticism, the company dropped that requirement. In response, more than two hundred lawsuits were filed across the United States, all seeking class action status. Those claims have all been consolidated into a single proceeding in Atlanta, Georgia, where Equifax maintains its corporate headquarters. As of August, 2018, the Atlanta court has not certified the class action.

If you are uncertain whether you have been affected by the breach, you can try to go the Equifax website for verification. According to company sources, the website should allow you to enter your last name and certain Social Security information, and allow you to determine if your information was compromised. It’s important to note, though, that anyone who had just name and drivers license number stolen will not show up as compromised on the Equifax website. In addition, there have been significant problems with the website, which is frequently not functioning. You can also call 866-447-7559 to verify if you were affected.
 

Equifax Employees Face Insider Trading Charges

Though Equifax knew about the data breach as early as May, 2017, company officials did not disclose the information publicly until the end of July, 2017. It now appears that some Equifax employees used that information to dump company stock before it declined in value. At least two employees have been charged with insider trading, illegally using information not available to the public to avoid losses on the sale of company stock. The employees, a software engineering manager and the company’s chief information officer, apparently liquidated more than $1 million worth of company stock and one of the men bought stock options that would increase in value if the company’s stock went down.
 

Contact Us

At the law office of Bailey & Galyen, we provide a free initial consultation to every client. To set up an appointment with an experienced Texas class action attorney, send us an e-mail or call our offices at one of the convenient locations listed below. Our phones are answered 24 hours a day, seven days a week.

Equifax Updates – Drivers’ License Numbers Stolen

Automatic US Citizenship by BloodIn 2017, Equifax, Inc., a credit-reporting firm, suffered a cyber-attack that resulted in a data breach that affected millions of customers. After the company disclosed that the identities of roughly 148 million individuals were compromised, the company continuously struggles to regain the trust of customers. In early 2018, after completing a forensic examination of the breach, Equifax disclosed that an additional 2.4 million people were impacted by the 2017 cyber-attack. The company explained that these additional individuals were not identified in the first investigation because the search only focused on individuals who had their Social Security numbers compromised. The additional names were revealed after cross referencing partial drivers’ license numbers that were stolen with internal and external sources. The newly impacted individuals will receive the same credit-monitoring and identity theft protection services paid for by Equifax, as those initially identified.

To make matters even worse, the Securities and Exchange Commission (SEC) charged an executive of Equifax with insider trading in March 2018. Jun Ying, an executive who was next in line to be named the company’s Chief Information Officer, exercised his stock options when he learned of the breach and sold the shares after learning of the breach. The SEC alleges that Ying sold his stock options before the company disclosed the data breach to the public, avoiding over $117,000 in losses. After learning of Ying’s violation of the antifraud provisions of the federal securities laws, Equifax dismissed him. Both the SEC and the United States Attorney’s Office of the Northern District of Georgia are pressing criminal charges against Ying.

Equifax Update

Equifax Data BreachWe wanted to update you on the current status of the Equifax litigation. All Equifax data breach lawsuits have been consolidated in one court, the Northern District of Georgia, in MDL #2800. MDL stands for multidistrict litigation, which means all Equifax cases will be in this one court, overseen by one judge, U.S. District Judge Thomas Thrash. Decisions on leadership of the MDL are ongoing and after this is finalized, the judge will likely issue Orders regarding timelines and discovery.

What this means to you is, this litigation is likely to be a long process and we are just in the early stages of it. We will keep you updated as more information becomes available.

Who is District Judge Thomas Thrash? He is a Federal Judge appointed for life who recently handled the Home Depot Data Breach. That case was much smaller in size of people affected but District Judge Thomas Thrash quickly lead both parties to a settlement without much litigation. We are hoping this very similar case will be handled the same.

During this time, please keep us informed of any changes in your contact information, or if you experience any identity theft, please contact us immediately. We expect this type of information could be a factor in the value of your case. You may reach us at the phone number listed above, or by email at lnenow@galyen.com.

We appreciate the opportunity to represent you.

Phillip Galyen
CEO of Bailey & Galyen
lnenow@galyen.com

Class Action Suit filed in Equifax Matter

Equifax Data BreachDALLAS, Oct. 27, 2017 — Complaints were filed on September 19, 2017, in federal district courts in Mississippi and Texas as the result of a data breach at Equifax, Inc., and Equifax Information Services, LLC, providers of credit reporting services and collectors and compilers of sensitive and confidential personal financial information for hundreds of millions of American consumers and businesses. The lawsuit, brought by Samantha Woods and Joshua Woods, on behalf of all persons whose personal information may have been stolen, alleges that:

  • Equifax breached its duty to use reasonable care to protect sensitive credit and financial information
  • Equifax willfully violated the provisions of the Fair Credit Reporting Act
  • Equifax engaged in negligent violation of the provisions of the Fair Credit Reporting Act

The complaint seeks declaratory relief, asking that the court require Equifax to implement and maintain reasonable security measures. The complaint also asks for compensatory and punitive damages.
The actions filed in Texas and Mississippi have been filed as class actions. Accordingly, the plaintiffs have asked the court to certify a class of similarly situated individuals.

Your Rights in a Class Action

A class action is a special type of lawsuit that allows parties with similar claims to pool resources and consolidate claims, so that multiple cases don’t have to be prosecuted simultaneously in jurisdictions across the country. In a class action, all parties who qualify for the class are collectively represented by a single member of that class. The total losses of all class members are consolidated into that one proceeding and any damages recovered are allocated to all qualified class members.

A class action offers a number of advantages over traditional litigation:

  • Class action litigation typically reduces the overall costs of litigation
  • A class action can allow parties with smaller damage amounts to participate and receive some type of damage award, without incurring the costs of a separate lawsuit
  • A class action can provide the impetus to change wrongful practices
  • A class action avoids the problems that arise when different courts return different verdicts

The lawsuits were filed by Stephen C. Maxwell, of the Bailey & Galyen Law Firm in Bedford and Fort Worth and Shane F. Langston, of Langston & Langston, PLLC, in Southlake, Texas.

Contact:
Cagney McCormick
Managing Attorney
CMcCormick@galyen.com
(855) 446-9997
www.EquifaxLawFirm.com
www.EquifaxAbogados.com

HAS YOUR PERSONAL INFORMATION BEEN EXPOSED BY THE EQUIFAX DATA BREACH?
CLICK HERE TO FIND OUT NOW »

Bailey & Galyen Announces Class Action Suit filed in Equifax Matter

Equifax Data BreachDALLAS, Oct. 13, 2017 /PRNewswire/ — Complaints were filed on September 19, 2017, in federal district courts in Mississippi and Texas as the result of a data breach at Equifax, Inc., and Equifax Information Services, LLC, providers of credit reporting services and collectors and compilers of sensitive and confidential personal financial information for hundreds of millions of American consumers and businesses. The lawsuit, brought by Samantha Woods and Joshua Woods, on behalf of all persons whose personal information may have been stolen, alleges that:

  • Equifax breached its duty to use reasonable care to protect sensitive credit and financial information
  • Equifax willfully violated the provisions of the Fair Credit Reporting Act
  • Equifax engaged in negligent violation of the provisions of the Fair Credit Reporting Act

The complaint seeks declaratory relief, asking that the court require Equifax to implement and maintain reasonable security measures. The complaint also asks for compensatory and punitive damages.

The actions filed in Texas and Mississippi have been filed as class actions. Accordingly, the plaintiffs have asked the court to certify a class of similarly situated individuals.

Your Rights in a Class Action

A class action is a special type of lawsuit that allows parties with similar claims to pool resources and consolidate claims, so that multiple cases don’t have to be prosecuted simultaneously in jurisdictions across the country. In a class action, all parties who qualify for the class are collectively represented by a single member of that class. The total losses of all class members are consolidated into that one proceeding and any damages recovered are allocated to all qualified class members.
A class action offers a number of advantages over traditional litigation:

  • Class action litigation typically reduces the overall costs of litigation
  • A class action can allow parties with smaller damage amounts to participate and receive some type of damage award, without incurring the costs of a separate lawsuit
  • A class action can provide the impetus to change wrongful practices
  • A class action avoids the problems that arise when different courts return different verdicts

The lawsuits were filed by Stephen C. Maxwell, of the Bailey & Galyen Law Firm in Bedford and Fort Worth and Shane F. Langston, of Langston & Langston, PLLC, in Southlake, Texas.
Contact:
Cagney McCormick
Managing Attorney
CMcCormick@galyen.com
(855) 446-9997
www.EquifaxLawFirm.com
www.EquifaxAbogados.com

HAS YOUR PERSONAL INFORMATION BEEN EXPOSED BY THE EQUIFAX DATA BREACH?
CLICK HERE TO FIND OUT NOW »

Press Release Equifax

Equifax Data Breach

Class Action Suit filed in Equifax Matter

Complaints were filed on September 19, 2017, in federal district courts in Mississippi and Texas as the result of a data breach at Equifax, Inc., and Equifax Information Services, LLC, providers of credit reporting services and collectors and compilers of sensitive and confidential personal financial information for hundreds of millions of American consumers and businesses. The lawsuit, brought by Samantha Woods and Joshua Woods, on behalf of all persons whose personal information may have been stolen, alleges that:

  • Equifax breached its duty to use reasonable care to protect sensitive credit and financial information
  • Equifax willfully violated the provisions of the Fair Credit Reporting Act
  • Equifax engaged in negligent violation of the provisions of the Fair Credit Reporting Act

The complaint seeks declaratory relief, asking that the court require Equifax to implement and maintain reasonable security measures. The complaint also asks for compensatory and punitive damages.

The actions filed in Texas and Mississippi have been filed as class actions. Accordingly, the plaintiffs have asked the court to certify a class of similarly situated individuals.

Your Rights in a Class Action

A class action is a special type of lawsuit that allows parties with similar claims to pool resources and consolidate claims, so that multiple cases don’t have to be prosecuted simultaneously in jurisdictions across the country. In a class action, all parties who qualify for the class are collectively represented by a single member of that class. The total losses of all class members are consolidated into that one proceeding and any damages recovered are allocated to all qualified class members.

A class action offers a number of advantages over traditional litigation:

  • Class action litigation typically reduces the overall costs of litigation
  • A class action can allow parties with smaller damage amounts to participate and receive some type of damage award, without incurring the costs of a separate lawsuit
  • A class action can provide the impetus to change wrongful practices
  • A class action avoids the problems that arise when different courts return different verdicts

The lawsuits were filed by Stephen C. Maxwell, of the Bailey & Galyen Law Firm in Bedford and Fort Worth and Shane F. Langston, of Langston & Langston, PLLC, in Southlake, Texas.

Contact Us

At the law office of Bailey & Galyen, we provide a free initial consultation to every client. To set up an appointment with an experienced Texas class action attorney, send us an email or call our offices at one of the convenient locations listed below. Our phones are answered 24 hours a day, seven days a week.

HAS YOUR PERSONAL INFORMATION BEEN EXPOSED BY THE EQUIFAX DATA BREACH?
CLICK HERE TO FIND OUT NOW »

Equifax Faces Questions, Class Actions after Data Breach

Equifax Data BreachIt’s your worst cyber-nightmare with concerns about the safety of your data, you turn to the trusted source for protection of that personal information, only to learn that the trusted source was the victim of one of the largest data breaches ever. That’s exactly what’s happened to millions of people who relied on Equifax to safeguard their personal financial data.

According to industry watchdogs, hackers had access to the company’s data files for two months, from May through July. Company officials acknowledged that the hackers were able to circumvent security systems, giving them the ability to obtain a wide range of information, from driver’s license numbers to Social Security numbers, birthdates, and addresses. Estimates are that as many as 143 million people were exposed. Equifax reported that more than 200,000 consumer credit card numbers were compromised.

Equifax, headquartered in Atlanta, is one of three major credit-reporting agencies in the United States. The company collects and manages financial information on more than 800 million individuals and almost 100 million businesses.

Earlier this month, USA Today reported that Equifax now faces at least 23 class-action lawsuits related to the data breach. Experts anticipate there will be more. A class action lawsuit is a form of legal action that allows parties with similar claims to be represented collectively by a member or members of the group. The class-action process allows all similar claims to be resolved in a single proceeding, rather than through a large number of individual actions.

According to company officials, they learned of the breach in late July, but did not publicly disclose it until earlier this month, as they had hired an independent security company to investigate the breach and make recommendations regarding ways to tighten security.

In the aftermath of the disclosure, the company’s stock also has taken a big hit, losing more than 10% of its value in a week.

Industry experts say that consumers will be mostly on their own when it comes to protecting themselves moving forward. A representative of the Federal Trade Commission recommended that individuals monitor their credit reports on a regular basis, put fraud alerts on credit cards, pay closer attention to bank statements, and file tax returns as early as possible.

Contact Us

At the law office of Bailey & Galyen, we provide a free initial consultation to every client. To set up an appointment with an experienced Texas class action attorney, send us an email or call our offices at one of the convenient locations listed below. Our phones are answered 24 hours a day, seven days a week.

HAS YOUR PERSONAL INFORMATION BEEN EXPOSED BY THE EQUIFAX DATA BREACH?
CLICK HERE TO FIND OUT NOW »