You may remember that the supposed rival of Google tried coming up with a settlement back in January, but it was dismissed by Judge Lucy Koh in a lengthy 24-page ruling which essentially said Yahoo had failed to make it clear how much the settlement was worth or how much victims would get. The theft of Yahoo source code led to the compromise of all of the tech giant's three billion user accounts in 2013, and if the original security incident - which permitted attackers to access an account at will - was not bad enough, the second data breach was conducted by a threat actor who managed to steal information belonging to 500 million accounts a year later.
Yahoo didn't begin to disclose the extent of its security breakdown until 2016 amid an FBI investigation that eventually linked some of the hacking to Russian Federation.
The data breaches at the heart of the matter took place in 2013 and 2014.
Lawyers representing the Yahoo accountholders estimate about 194 million people in US and Israel will be eligible to make claims, according to court documents.
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The result is "the biggest common fund ever obtained in a data breach case", Reuters reports, which would seem appropriate for the largest known data breach.
"Yahoo's history of nondisclosure and lack of transparency related to the data breaches are egregious", Koh write as part of her decision.
In 2016, Verizon acquired Yahoo for $4.48 billion. The Verizon division that includes Yahoo expects to spend an average of about $81 million annually on security from 2018 to 2022, up from average of about $15 million annually from 2013 to 2016 when Yahoo was still independent, according to court documents.
"We believe that the settlement demonstrates our strong commitment to security", Verizon said in a statement. The company faced a class action lawsuit.
"In 2019, even a less severe breach is capable of exposing your company to incomparably severe and harsh sanctions in different jurisdictions".