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Consumer MDL Litigation”), and the investigations of the FTC, the CFPB, the Attorneys General of 48 states, the District of Columbia and Puerto Rico and the NYDFS (collectively, the “Consumer Settlement”).
−Removed: Under the terms of the Consumer Settlement, the Company will contribute $380.5 million to a non-reversionary settlement fund (the “Consumer Restitution Fund”) to provide restitution for U.S.
+Added: Under the terms of the Consumer Settlement, the Company agreed to contribute $380.5 million to a non-reversionary settlement fund (the “Consumer Restitution Fund”) to provide restitution for U.S.
consumers identified by the Company whose personal information was compromised as a result of the 2017 cybersecurity incident as well as to pay reasonable attorneys’ fees and reasonable costs and expenses for the plaintiffs’ counsel in the U.S.
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On August 12, 2021, the MDL Court made the Eleventh Circuit’s mandate the judgment of the MDL Court.
−Removed: Since that time, one objector has filed a petition for a writ of certiorari with the U.S.
−Removed: Supreme Court.
−Removed: The deadline for any other objectors to file such petitions is October 27, 2021.
−Removed: Until all such petitions to the U.S.
−Removed: Supreme Court are finally adjudicated or dismissed, we can provide no assurance that the U.S.
−Removed: Consumer MDL Litigation will be resolved as contemplated by the settlement agreement.
−Removed: If the Eleventh Circuit’s June 3, 2021 order affirming approval of the settlement (except with respect to incentive awards, as discussed above) is reviewed and reversed by the U.S.
−Removed: Supreme Court, there is a risk that we would not be able to settle the U.S.
−Removed: Consumer MDL Litigation on acceptable terms or at all, which could have a material adverse effect on our financial condition and results of operations.
+Added: Two objectors filed petitions for a writ of certiorari with the U.S.
+Added: Supreme Court, and on January 10, 2022, the U.S.
+Added: Supreme Court denied the last remaining petition.
+Added: On January 11, 2022, the Consumer Settlement became effective.
Other Matters.
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Consumer MDL Litigation and seek monetary damages, injunctive relief and other related relief on behalf of Georgia citizens.
−Removed: These cases were transferred to a single judge in the Fulton County Business Court and
−Removed: three of the cases were consolidated into a single action.
+Added: These cases were transferred to a single judge in the Fulton County Business Court and three of the cases were consolidated into a single action.
On July 27, 2018, the Fulton County Business Court granted the Company’s motion to stay the remaining single case, and on August 17, 2018, the Fulton County Business Court granted the Company’s motion to stay the consolidated case.
−Removed: These cases remain stayed pending final resolution of the U.S.
−Removed: Consumer MDL Litigation.
+Added: Because the plaintiffs in the four putative class actions did not opt out of the Consumer Settlement that became effective on January 11, 2022, these cases have been dismissed and are now closed.
Canadian Class Actions.
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We appealed one of the claims on which a class was certified and on June 9, 2021, our appeal was granted by the Ontario Divisional Court.
−Removed: The plaintiff has since filed a notice of further appeal.
+Added: The plaintiff has since filed a notice of further appeal with the Ontario Court of Appeal, which is scheduled to be heard in June 2022.
All remaining purported class actions are at preliminary stages or stayed.
Government Investigations.
−Removed: We have cooperated with federal, state and foreign governmental agencies and officials investigating or otherwise seeking information, testimony and/or documents, regarding the 2017 cybersecurity incident and related matters and most of these investigations have been resolved as discussed in prior filings.
+Added: We have cooperated with federal, state and foreign governmental agencies and officials investigating or otherwise seeking information, testimony and/or documents, regarding the 2017 cybersecurity incident and related matters and these investigations have been resolved as discussed in prior filings.
The U.K.’s Financial Conduct Authority (“FCA”) opened an enforcement investigation against our U.K.
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We continue to respond to the information requirements and are cooperating with the investigation.
−Removed: Although we continue to cooperate in the above investigations and inquiries, an adverse outcome to any such investigations and inquiries could subject us to fines or other obligations, which could have a material adverse effect on our financial condition and results of operations.
+Added: Although we continue to cooperate in the Canadian class action proceedings and the FCA investigation, an adverse outcome to any such proceedings and investigation could subject us to fines or other obligations, which could have a material adverse effect on our financial condition and results of operations.
+Added: In December 2021, we received a Civil Investigative Demand (a “CID”) from the CFPB as part of its investigation into our consumer disputes process in order to determine whether we have followed the FCRA's requirements for the proper handling of consumer disputes.
+Added: The CID requests the production of documents and answers to written questions.
+Added: We are cooperating with the CFPB in its investigation and are in discussions with the CFPB regarding our response to the CID.
+Added: At this time, we are unable to predict the outcome of this CFPB investigation, including whether the investigation will result in any action or proceeding against us.
Equifax has been named as a defendant in various other legal actions, including administrative claims, regulatory matters, government investigations, class actions and other litigation arising in connection with our business.
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.