The Virginia Credit Union League and Wisconsin Credit Union League have announced they will participate in legal action against Equifax as a result of the data breach announced earlier this year. CUNA filed its lawsuit Oct. 4, in response to the breach that exposed information of as many as 145 million consumers.
“Data breaches are an ongoing issue for our member credit unions,” said Virginia League President Rick Pillow. “Credit unions will bear substantial costs in addressing the fallout of this breach, likely for years to come given the number of people affected and the type of information stolen. This lawsuit will hopefully lead to credit unions recouping some of their costs, which could well be significant. By joining this suit, we are working to protect the interests of Virginia-based credit unions and to hold Equifax accountable.”
The Virginia League is participating in a lawsuit with several other leagues and credit unions.
The Wisconsin Credit Union League will join the lawsuit first filed by Summit FCU, Madison, Wis., the first lawsuit filed against Equifax by a U.S. financial institution.
“It may take months or years to make a financial recovery for credit unions but we feel that Equifax is clearly liable and must be held accountable for what the suit describes as a "chain reaction that threatens the trustworthiness and stability of the financial system,” the Wisconsin League said in a statement.
Other leagues that have announced their participation in suits against Equifax include Vermont, Minnesota, Illinois, the League of Southeastern Credit Unions and Affiliates, Nebraska and the Mountain West Credit Union Association.