You may be owed money under Yahoo's pending data breach settlement: Here's what you need to know
SAN JOSE, Calif. - If you had a Yahoo account anytime in 2012 through 2016, you may be eligible for free credit monitoring services or a cash payment under a pending class-action settlement valued at $117.5 million.
The company announced a series of data breaches and security intrusions which exposed personal information — including names, emails and security questions and answers — from more than three billion accounts.
Under the terms of the settlement, Yahoo has agreed to a $117.5 million settlement fund, which will provide a minimum of two years of free credit-monitoring services to those covered by the deal to protect them from future identity theft.
Those who already have a credit-monitoring service will be eligible for cash payments instead.
Yahoo will also provide compensation for out-of-pocket costs related to the data breaches, as well as provide reimbursement of some costs for those who paid for Yahoo premium or small business services.
WHO IS ELIGIBLE?
If you received a notice about the data breaches, or if you had a Yahoo account at any time between January 1, 2012 and December 31, 2016 and are a resident of the United States or Israel, you are eligible for settlement benefits, according to a release.
WHAT IS BEING OFFERED?
Those who are eligible to receive settlement benefits are encouraged to submit a claim to receive a minimum of two years of future credit-monitoring services. If you already have these services, you may still sign up for additional protection.
Those who can verify they already have a credit-monitoring service that they will keep for at least one year may submit a claim for a cash payment of $100. Payment may be less than $100 or more depending on how many people participate in the settlement.
Eligible account holders may additionally provide documentation or proof to receive reimbursement of up to $25,000 in out-of-pocket losses — including lost time suffered because of the data breaches. This will include payment for up to 15 hours of time at a rate of $25 per hour — or unpaid time off work at your actual hourly rate, whichever is greater.
If lost time is not documented, consumers can receive payment for up to five hours at that same rate.
HOW DO YOU FILE A CLAIM?
In order to receive any benefits, eligible account holders must file a claim online or by mail by July 20, 2020.
Those who want to keep their right to sue Yahoo and Aabaco Small Business, LLC. must exclude themselves from the settlement class by March 6, 2020.
By excluding yourself, consumers will not receive any credit monitoring or monetary relief from the settlement.
For more information about the settlement and how to file a claim for benefits, visit www.YahooDataBreachSettlement.com.
This story was reported from Cincinnati.