Now, predictably, the state action lawsuits are starting to flow in. One class will seek “as substantial as $70 billion in losses nationally,” according to News. Whether those lawsuits will continue up in court, however, is less certain.
But many users on social media must be dug into the terms of service for TrustedID, Equifax’s own identification protection product, and have increased fears that by simply telling to see if you were a part of a hack, you may be sacrificing your right to sue.
TrustedID’s terms have “a waiver of the capacity to bring or join in a class action, class arbitration, or other characteristic action,” or “to share in any class performance awards.” Some worry this may keep them from a class operation lawsuit, but lawyers tell News that this clause will be difficult for Equifax to enforce in court.
Anyone hoping to discover whether their data had been stolen has been proposed to TrustedID. By presenting their last name, and the last six digits of their social security number, people are thought to be able to learn if they were hit though there are reports that TrustedID’s answers have changed for certain people.
In a statement, Equifax verified to Yahoo Finance that TrustedID’s adjustment clause doesn’t apply to “the cyber security incident.” But that doesn’t mean the corporation can’t try to use that clause in a potential legal proceeding.
“In the past, parent companies have tried to enforce the arbitration requirements of their subsidiaries, but are typically useless. There are some other opportunities for Equifax if they try to force the case into adjustment,” Joseph Sauder, a partner at McCune Wright Arevalo, LLP, which is currently investigating the hack, told News.
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