Verizon could be on the hook for up to $25 million to pay its share of a $50 million restitution agreement Yahoo signed to settle a lawsuit related to two massive data breaches in 2013 and 2014.
Associated Press reported the deal, which is yet to be approved by a US federal court, would allow Yahoo account holders who were victims of identity theft or suffered other losses as a result of the breach to file claims for reimbursement. Approximately 200 million users would be eligible to receive a cut of the money.
Claimants with documentation to prove their losses would be able to file for up to $375, while those without proof can request recompense up to $125. Users who paid for premium Yahoo email services could receive a 25 per cent refund.
All victims would also receive two free years of credit monitoring protection.
Verizon acquired Yahoo and rolled the company into its media subsidiary Oath in 2017, paying $4.48 billion for the company after negotiating a $350 million discount once news of the breaches broke.
Oath will split the bill with Altaba, the company which owns the parts of Yahoo not purchased by Verizon.Subscribe to our daily newsletter Back