Altaba to settle lawsuits relating to Yahoo data breach for $47 million
Altaba, the holding company of what Verizon left behind after its acquisition of Yahoo, said it has settled three ongoing legal cases relating to Yahoo’s previously disclosed data breaches.
In a Monday filing with the Securities and Exchange Commission, the former web giant turned investment company said it has agreed to end litigation for $47 million, which the company said will “mark a significant milestone” in cleaning up its remaining liabilities.
The deal is subject to court approval, which attorneys for both sides asked the court to approve the deal within 45 days, according to a filing submitted Friday.
In case you missed it, Yahoo had two data breaches — one in mid-2013, where data on all of the company’s three billion users was stolen, and another breach a year later of 500 million accounts, including email addresses and passwords. The company blamed the attack on state-sponsored hackers, without citing any evidence or pointing any fingers.
Muddying the waters, the breach was discovered during Verizon’s bid to acquire the web giant and its assets for $4.83 billion. Verizon dropped its offer price by some $350 million after the scope of the breach was fully realized, and created Oath. (Disclosure: TechCrunch is also owned by Oath.)
Earlier this year, a federal judge said victims of the breach could sue Yahoo, despite Verizon’s best efforts to dismiss the claims.
A spokesperson did not immediately respond to a request for comment.