Re: Don't forget : this lawsuit will not benefit Joe Public
The 500K people whose profiles were at risk get nothing from this.
Not directly, no, but it does put other companies on notice that keeping their mouth shut about problems can become painful. So, I see an indirect benefit here, not monetary but in risk reduction.
The only thing that needs fixing now is the volume discount the big boys get. I really don't see a valid argument for fining a big setup like Equifax less per disclosed person than the average small shop. They have the money to do it right, and a commensorately more grave responsibility to do so, so risking the whole company by saving on what has to be done properly should IMHO never be rewarded with a fine discount. That merely leads to "good enouggh to escape large fines" spending instead of doing it right, and we've had enough demonstrations by banks that "good enough" rarely is from a customer's perspective.