In the wake of credit monitoring and reporting firm Equifax’s recent announcement that it had sustained a data breach involving 143 million U.S. customers, a wave of consumer class action lawsuits have followed. In addition, the litigation wave included at least one securities class action lawsuit; with more securities suits likely to follow. Although data breach-related D&O claims have not fared particularly well in the past, there are features of the Equifax situation that may put the securities suits against Equifax in a different category. An interesting question is the extent to which the new lawsuit portends further data breach-related securities litigation going forward.
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Aaron Shields specializes in bringing various risk management solutions to a wide range of industries with nuanced risk management programs. He and his team help clients focus beyond insurance to become better, smarter risk management organizations and lower their total cost of risk.