Determined to put an end to a protracted legal battle, Equifax agreed to pay out $350 million to compensate victims of its massive data breach, which ultimately impacted approximately 76.6 million customers. The settlement fund encompassed claims submitted by class members as well as fees for attorney services and administrative expenses.
Ultimately, a distinction was made regarding the stipend awarded to class members, with recipients receiving either $25 or $100, contingent upon their geographical origin. Claimants who suffered out-of-pocket expenses are eligible for a reimbursement of $25,000.
Legal professionals representing the victims requested a total of $78.5 million in authorized charges and fees, specifically outlining the breakdown of these costs to support their demands. The case subsequently progressed to the Eighth Circuit Court of Appeals in the United States. Circuit Courtroom of Appeals.
The appeals court announced its intention to overturn the decision, having determined that the fees sought by the attorneys did not accurately reflect the scope and complexity of their work.
As lawyers received acclaim for providing exceptional support to their clients, it was notable that the case resolved promptly, freeing up hours that would have otherwise been devoted to it.
Attorneys are seeking a US$46 million fee, justifying the amount as reasonable. Not objecting to a potential decrease in charges is crucial, as it will prevent any further delays and ensure class members receive the compensation they’ve been owed.
Priorly, a proposal was made suggesting lawyers would receive approximately $39 million, translating to an hourly rate ranging from $3,500 to $4,750 per hour.
The lawyers are seeking a $46 million award, representing 13.08% of the $350 million settlement fund, which they deem “affordable” compared to other notable cases like Equifax, Yahoo, and Anthem.
