Equifax Suffers Massive Data Breach; Senate Repeals Mandatory Arbitration Clauses that Prevent Class Action Lawsuits

Equifax Suffers Massive Data Breach; Senate Repeals Mandatory Arbitration Clauses that Prevent Class Action Lawsuits

Senator Dick Durbin had a lot to say about the move by Senate Republicans to repeal mandatory arbitration clauses for banks and financial institutions that prevent class action lawsuits. After the credit rating company Equifax suffered a massive data breach, Durbin was less than impressed by the company’s offer of free credit monitoring because they escaped liability under that agreement.

 


Equifax has since dropping the binding arbitration demand. Durbin says a broad base of organizations are taking issue with efforts to take away their ability to sue.

 


About 145 million Americans were impacted by the Equifax data breach.