Yahoo Agrees to Pay $80M to Settle Securities Fraud Suit

Yahoo! Inc. has agreed to pay $80 million to settle a class action alleging it failed to disclose four data breaches that affected 3 billion customers.

The proposed agreement, if approved by the court, would mark the first significant settlement to date of a securities fraud class action filed in response to a data breach, Jonathan Meyer, a cybersecurity attorney and partner at Sheppard Mullin Richter & Hampton LLP in Washington, told Bloomberg Law March 6.

Approval of the settlement may not mean the end of the case, however. One of the named plaintiffs in the lawsuit didn’t agree to ...