Yahoo Settles Data Breach-Related Securities Suit for $80 million

The newly disclosed $80 million settlement of the Yahoo data breach-related securities class action lawsuit will not make the list of the Top 100 securities suit settlements, but it is significant in its own way just the same. Because the settlement is the first substantial data breach-related shareholder lawsuit recovery, it represents a milestone development in a number of respects, as discussed below. The parties’ March 2, 2018 Stipulation and Agreement of Settlement can be found here.   Background As discussed in detail here, Yahoo announced two data breaches during 2016. The first, which Yahoo announced in September 2016, took place or at least began sometime during 2014, and resulted in hackers obtaining data from over 500 million user accounts. A separate data breach, which apparently took place or began during 2013 but that Yahoo first announced in December 2016, affected over 1 billion user accounts. The Yahoo data breaches are believed to be…

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