Jul 20, 2019

Report: Equifax expected to reach $650M settlement over data breach

The Equifax logo. Photo: Rafael Henrique/SOPA Images/LightRocket via Getty Images

Equifax, one of the largest credit reporting agencies in the U.S., is expected to pay around $650 million over its 2017 data breach that affected 145 million people, the New York Times reports.

The big picture: The stolen data has yet to show up on the so-called dark web, which has added to suspicions that a nation-state may have been behind the attack. Equifax was already hit with a £500,000 fine from its data breach last year, from the UK's Information Commissioner's Office (ICO).

Reality check, per the NYT: "A $650 million payment would be in line with what the company expected. In a recent financial filing, Equifax said it had set aside $690 million to cover the anticipated legal costs of the hacking."

Go deeper: After Equifax's mega-breach, nothing changed

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Axios
3 hours ago - Politics & Policy

Jeff Sessions loses Alabama Senate primary runoff

Jeff Sessions. Photo: Michael DeMocker/Getty Images

Former Attorney General Jeff Sessions has lost the Republican nomination for Senate to Tommy Tuberville in Alabama in Tuesday night’s primary runoff, AP reports.

Why it matters: Sessions had been the underdog in the race against former Auburn University head football coach Tommy Tuberville, who had the backing of President Trump. Tuberville will now face off against Sen. Doug Jones (D-Ala.) in November, who is considered to have one of the most vulnerable Democratic Senate seats in the country.

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Axios
Updated 4 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 9 p.m. ET: 13,273,537 — Total deaths: 577,006 — Total recoveries — 7,367,106 — Map.
  2. U.S.: Total confirmed cases as of 9 p.m. ET: 3,424,304 — Total deaths: 136,432 — Total recoveries: 1,049,098 — Total tested: 41,764,557 — Map.
  3. Politics: Biden welcomes Trump wearing mask in public but warns "it’s not enough"
  4. Public health: Four former CDC heads say Trump's undermining of agency puts lives at risk — CDC director: U.S. could get coronavirus "under control" in 4–8 weeks if all wear masks.
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Courtenay Brown
7 hours ago - Economy & Business

Bank CEOs brace for worsening economic scenario

JPMorgan CEO Jamie Dimon. Photo: J. Lawler Duggan/For The Washington Post via Getty Images

Wells Fargo swung to its first loss since the financial crisis — while JPMorgan Chase and Citigroup reported significantly lower profits from a year earlier — as the banks set aside billions of dollars more in the second quarter for loans that may go bad.

Why it matters: The cumulative $28 billion in loan loss provisions that banks have so far announced they’re reserving serves as a signal they’re preparing for a colossal wave of loan defaults as the economy slogs through a coronavirus-driven downturn.

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