Altaba To Settle Lawsuits Relating To Yahoo Data Breach For $47 Million (techcrunch.com)

An anonymous reader quotes a report from TechCrunch: Altaba, the holding company of what Verizon left behind after its acquisition of Yahoo, said it has settled three ongoing legal cases relating to Yahoo's previously disclosed data breaches. In a Monday filing with the Securities and Exchange Commission, the former web giant turned investment company said it has agreed to end litigation for $47 million, which the company said will "mark a significant milestone" in cleaning up its remaining liabilities. The deal is subject to court approval, which attorneys for both sides asked the court to approve the deal within 45 days, according to a filing submitted Friday. One of the data breaches occurred in mid-2013, where data on all of the company's three billion users was stolen. The other breach occurred a year later and resulted in 500 million accounts being stolen, including email addresses and passwords.

Comments

This is Great

[GoTeam]

All those data breaches, and it never tarnished the reputation of Yahoo! Good for them! Oh, wait...

Re:This is Great

[mentil]

They swore a solemn Oath to the people, that their Yahoos in IT will spend the rest of their days hand-hashing Dogecoins for all affected.

Re:Great news!

[olsmeister]

And established a roadmap for companies that are hit with data breaches in the future. Establish a holding company, move vulnerable portions of the business to that company, settle for pennies on the dollar. Bonuses all around!

RIAA

[sit1963nz]

Now if the RIAA found someone with 500 million illegal downloads there would have been TRILLIONS to pay and lengthy prison sentences
I doubt there would be enough money in the USA to pay for the 3 Billion Users data by RIAA accounting .

Time for Minimum Data Protection Fines?

[Anonymous Coward]

So their data breaches across 3.5B accounts mean they ended up paying a paltry $0.0134 per account lost in fines? Really wish there would be minimum fines established to start forcing companies to take data protection seriously and drive those that don't secure data into oblivion.
- Lost non-sensitive or public information (Example: email addresses, phone numbers, addresses) - $10 per account impacted
- Lost minimally identifiable information (Example: passwords, credit card data, usernames ) - $50 per account impacted
- Lost personally identifiable data (Example: drivers licenses, social security numbers, passport numbers, tax id's) - $100 per account impacted

Re:Try GDPR

[NicBenjamin]

That's $0. There is no global turnover for Altaba.

When Marissa Meyer sold out to Verizon all the actual businesses with revenue went to Verizon. Altaba agreed to pay the fines, and it also kept Yahoo's investment portfolio, which consists primarily of a $10-15 Billion stake in Alibaba.

Alibaba does not pay dividends so Altaba have substantial amounts of money, but no revenue.

Re:Great news!

[Gavagai80]

Actually, the holding company was the only valuable part of yahoo -- the share of alibaba stock. They sold the useless stuff like yahoo-owned websites.

Re:Great news!

[Hallux-F-Sinister]

And established a roadmap for companies that are hit with data breaches in the future. Establish a holding company, move vulnerable portions of the business to that company, settle for pennies on the dollar. Bonuses all around!

All Yahoo! account holders will, as a result of the settlement, get a stiff, stale, brittle with oxidation, 1990's era Yahoo!-logo-ed beer koozie. Woo HOO! Or should I say, "Ya-Hoo-oo!"