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Yahoo Class-Action Suits Set for Settlement
Altaba tells SEC it will incur $47 million to settle consumer litigation for massive Yahoo data breaches.
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The consumer class-action litigation cases against Yahoo in the wake of its epic data breaches are expected to be settled for $47 million.
Altaba, the holding company that retains what's left of the company in the wake of Verizon's purchase of Yahoo, this week said in a filing with the US Securities Exchange Commission that it has reached an agreement in principle to settle the lawsuits.
"We have also received final court approval of the securities class action settlement, and we have negotiated an agreement to settle the shareholder derivative litigation (subject to court approval). We estimate that the Company will incur an incremental net $47 million in litigation settlement expenses to resolve all three cases," Altaba said in its filing. "Together, these developments mark a significant milestone in cleaning up our contingent liabilities related to the Yahoo data breach."
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