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Equifax Inc. (NASDAQ: EFX) recently settled with the Federal Trade Commission over its massive 2017 consumer data breach, and it's big.
Just look at the sheer scope of it.
The credit reporting agency agreed to pay up to $700 million to settle claims brought by the FTC and most of the states' attorneys general in a breach that saw more than 147 million people's data exposed. Equifax was even compelled to set up a website that consumers could access to determine whether or not their data was included in the breach.
Consumers affected by the breach have a choice; they can opt for 10 years of free credit monitoring, or they may file claims for anywhere from $125 to a maximum of $20,000.
Those dollar figures have brought some significant media attention, with the majority of stories focusing on how affected consumers can make their choice and file their claim.
But here's the thing: With just $31 million of that $700 million settlement set aside for financial claims, it's at least theoretically possible individual consumers could collect as little as twenty cents ($0.20) each for their trouble.
But I think consumers should get some real, substantial compensation after all the hassles they've been through. In fact, my wife and I were affected ourselves, and for a time, it was a big pain in the neck.
So today, I'm going to set Money Morning Members up much better than Equifax and the FTC ever could…
About the Author
Michael A. Robinson is a 36-year Silicon Valley veteran and one of the top technology financial analysts working today. That's because, as a consultant, senior adviser, and board member for Silicon Valley venture capital firms, Michael enjoys privileged access to pioneering CEOs, scientists, and high-profile players. And he brings this entire world of Silicon Valley "insiders" right to you...
- He was one of five people involved in early meetings for the $160 billion "cloud" computing phenomenon.
- He was there as Lee Iacocca and Roger Smith, the CEOs of Chrysler and GM, led the robotics revolution that saved the U.S. automotive industry.
- As cyber-security was becoming a focus of national security, Michael was with Dave DeWalt, the CEO of McAfee, right before Intel acquired his company for $7.8 billion.
This all means the entire world is constantly seeking Michael's insight.
In addition to being a regular guest and panelist on CNBC and Fox Business, he is also a Pulitzer Prize-nominated writer and reporter. His first book Overdrawn: The Bailout of American Savings warned people about the coming financial collapse - years before the word "bailout" became a household word.
Silicon Valley defense publications vie for his analysis. He's worked for Defense Media Network and Signal Magazine, as well as The New York Times, American Enterprise, and The Wall Street Journal.
Michael is 100% independent and receives absolutely no compensation from companies he writes about. His ideas are completely his own.
So, it probably goes without saying that you won't ever be left in the dark about breaking innovations, ahead-of-their-time technologies, and breakout companies on the cusp of changing the world once you join this world.