Equifax lobbied to take away breach victims' right to sue


#1

Originally published at: https://boingboing.net/2017/09/09/depraved-indifference.html


#2

I don’t know how these people live with themselves.


#3

Still, most of their victims haven’t given up their right to sue, right? I mean, most people never check Equifax’s portfolio of lies about their credit history, so they won’t have clicked on any horseshit “agreement” even if it could have stood up in court.

It shouldn’t take more than a handful of millions of victims joining a class action suit to erase the company, and meanwhile hopefully the execs and board members who sold their shares can get squared away in prison without too much fuss.


#4

http://money.cnn.com/2017/09/07/pf/victim-equifax-hack-how-to-find-out/index.html

If you sign up for Equifax’s offer of free protection, you may be limiting your rights to sue and be forced to take disputes to arbitration. But you can opt out of that provision if you notify the company in writing within 30 days.


#5

But Capitalism will save America! Right guys?

… guys?


#6

In a class action suit, the lawyers get millions or billions while the victims get maybe $3 each.

Meanwhile, that is one of only 3 companies in the business. To erase it would upset the balance of power, so it is too big to fail and the government will have to give it a bailout - giving the company hundreds or thousands of dollars from the victim’s taxes.

#latestagecapitalism


#7

Proving once again that just because a company has limited liability, does not mean there’s a corresponding limit on how much damage that company can do.


#8

Krebs says that there are four.

Depending on your state of residence and your circumstances, you may also have to pay a small fee to place a freeze at each bureau. There are four consumer credit bureaus, including Equifax, Experian, Innovis and Trans Union.


#9

With a lot of money.


#10

So their entire argument essentially boiled down to “We are wildly guilty and this is one of the few areas where there is some risk of consequences; that’s why we need to be exempt from it.”

How perversely honest of them.


#11

Oh, yeah, I forget that.

The revolution is coming. Can’t start early enough.

Will solve that problem.


#12

That might be the call, but I’m not sure credit scoring agencies are really that indispensable to the economy. I have a sneaking feeling that if the whole industry were eliminated, banks and retailers would find equally good or better ways to make credit decisions. Such as flipping a coin, for example.


#13

I’m looking forward to this, a lot :smiling_imp:


#14

Let’s have an experiment with Equifucks, and reject the notion of “too big to fail.”

Send all the senior execs off to prison, liquidate the company’s assets and distribute it to those who have been doxed, with possibly a small set-aside to provide some relief for the low level employees who genuinely had no knowldedge or control over events.


#15

They’re not, but politicians might consider their lobbying money indispensable.


#16

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