The MD|DC Credit Union Association has joined as a plaintiff against credit monitoring firm Equifax. CUNA filed its lawsuit in October, in the wake of a data breach that exposed the personal information of more than 145 million consumers and 209,000 credit card numbers.
“Equifax must be held accountable for the significant financial harm to credit unions and their members,” said John Bratsakis, president/CEO, MD|DC Credit Union Association. “While the long-term impact of the breach is not known, it’s clear that credit unions potentially face significant costs. The massive Equifax breach highlights the need for tougher state and federal data protection and cybersecurity standards to protect consumers.”
The complaint filed in a Georgia federal court by CUNA, and several financial institutions, asserts that Equifax was aware of the risk posed by failing to secure its website, and did not effectively monitor its security systems to ensure the safety of customer information.
A judge has established two tracks for litigation, one for harmed consumers, and one for credit unions, trade associations and other financial institutions.