Your League is seeking a legal remedy for all Wisconsin credit unions as a result of the recent Equifax data breach. A lawsuit seeks monetary damages, a change in practice by Equifax to improve security, and involves no up-front costs to credit unions.
Your League recently gained approval from The League Board to become a named plaintiff in a lawsuit against Equifax, initially brought by Summit Credit Union on behalf of all credit unions. The action was the first filed by a U.S. financial institution.
The suit is being pursued on a contingent fee basis; there are no costs up front and in the event of a successful outcome, costs for the litigation - in addition to any damages won - will be paid by Equifax.
In the suit, Summit asks the court to certify the class action, grant it damages and enjoin Equifax from continuing to pursue its negligent business practices.
For more information contact Summit's legal counsel at (608) 237-1775.
CUNA, and others, are pursuing separate legal actions against Equifax. It is likely these separate actions will be consolidated into one class action at a later date.
The suit was filed in U.S. District Court in Atlanta, where Equifax is headquartered.
Litigation began in September. It may take months or years to make a financial recovery for credit unions but we feel that Equifax is clearly liable and must be held accountable for what the suit describes as a "chain reaction that threatens the trustworthiness and stability of the financial system."
Our Movement has had success litigating data breach. Your League's participation in a lawsuit starting in 2015 helped recover $25 million for credit unions from Home Depot for a separate incident.
The credit union system has long advocated to stop the data breaches.
The League and CUNA engage with credit union Activists in a 360-degree advocacy approach that helps credit unions positively shape their operating environment and remove barriers to serving members. Read more articles in our Unite for Good series.