Altaba settles Yahoo class action suits to the tune of $47 million

Altaba, the company created in the wake of Verizon’s purchase of Yahoo, reported in an SEC filing it has reached an agreement to settle three class action suits stemming from massive data breaches for $47 million.

“We are… pleased to announce today that we have reached an agreement in principle (subject to court approval) to settle the consumer class action litigation related to the Yahoo data breach. We have also received final court approval of the securities class action settlement, and we have negotiated an agreement to settle the shareholder derivative litigation (subject to court approval). We estimate that the Company will incur an incremental net $47 million in litigation settlement expenses to resolve all three cases,” the company said in the SEC filing.

A total of 3 billion Yahoo! accounts were compromised in two breaches.

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