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From: lyger (lygerattrition.org)
Date: Tue Mar 18 2008 - 12:10:56 CDT
A proposed legal settlement by Certegy Check Services, which lost the
personal financial information of millions of Americans last fall in an
insider-related data breach, is a "mixed bag" that falls short of
protecting the victims, security analysts told SCMagazine US.com.
The tentative settlement between Certegy and class-action lawyers is now
under review by U.S. District Court Judge Steven D. Merryday in Tampa,
Fla. If accepted, it would offer only partial help to some of the 8.4
million customers whose personal information was stolen by a Certegy
employee over a five-year period.
Under terms of the agreement, Certegy would offer credit and bank account
monitoring, identity theft reimbursement capped at $4 million,
reimbursement of some credit monitoring fees, and enhanced security. The
settlement calls for Certegy to give consumers a free one-year
subscription to Experian's Triple Alert, a $4.95 monthly service that
monitors credit reports for evidence of fraudulent activity. The plan
limits those eligible to about 1.25 million consumers whose credit card or
debit card information was stolen.
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