On March 14, a federal judge in California approved a class action settlement between a large real estate trust and its employees. The trust suffered a “large-scale cybersecurity data breach,” in which attackers gained access to personal information about the company’s 2,500 employees.
Under the terms of the settlement, the trust will establish a $350,000 fund, which will basically pay each current and former employee affected by the breach a King’s ransom of $70. The trust must also pay for three years of credit monitoring for all of the affected employees.
And since somebody will ask, the lawyers get paid $140,000 out of the settlement fund. The employee who filed the initial lawsuit also gets a $5,000 “incentive fee.”