(CNBC) If you filed for a cash payout from Equifax as part of the credit bureau’s settlement for its massive 2017 data breach, you’re probably not getting anywhere close to $125.
On Thursday, Dec. 19, a Georgia federal judge awarded $77.5 million to the attorneys representing the class of consumers against Equifax. That’s over 20% of the roughly $380 million settlement fund Equifax agreed to set up to directly help consumers affected by the breach, according to the Hamilton Lincoln Law Institute, which house the Center for Class Action Fairness and opposed the high fee award.
It’s also one more reason why the consumers who sought a cash settlement from Equifax won’t be getting the full $125 as initially expected. In fact, consumers were never going to get $125, says Ted Frank, director of litigation for Hamilton Lincoln. “That’s down to $6 or $7 [per consumer] now. Maybe even less than that,” he tells CNBC Make It.
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