June 20, 2018

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June 18, 2018

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Yahoo to Pay $80 Million to Settle Securities Class Action Based on Data Breaches

Yahoo agreed to pay shareholders $80 million to settle a federal securities class action suit, as detailed in the parties’ March 2, 2018 proposed settlement agreement filed with the court. In that suit, the shareholders claimed that Yahoo failed to disclose a number of data breaches affecting more than 3 billion users, which caused Yahoo’s stock prices to fall.  One of the named plaintiffs is not participating in the settlement.  This was one of the first federal securities lawsuits arising out of a data breach.  Several others have followed.  If the court approves the settlement, it will be the first recovery in a shareholder lawsuit based on a data breach and certainly will encourage other such suits in the future.

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About this Author

Dena Castricone, Murtha Cullina Law Firm, Privacy and Cybersecurity Attorney
Partner

Dena M. Castricone is a member of the Long Term Care and Health Care practice groups.  She is the Chair of the Privacy and Cybersecurity practice group and the Chair of the firm’s Pro Bono Committee.  Prior to joining Murtha Cullina, Dena served as a law clerk to the Chief Justice of the Rhode Island Supreme Court, Frank J. Williams.

Dena’s long term care and health care clients compete in a constantly evolving industry, facing both rising administrative and regulatory burdens and shrinking reimbursement rates. She helps skilled nursing centers, physician groups, home health and...

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