September 21, 2018 / 9:28 PM / 7 months ago

Banks tell court Equifax liable for increased fraud risks

Banks and credit unions have challenged Equifax’s bid to dismiss their lawsuit over last year’s data breach, arguing in federal court on Thursday that the credit bureau is responsible for increased risks of banking fraud and damage to the entire credit reporting system.

The hacking of Equifax’s systems was “arguably the most damaging data breach in the nation’s history,” the financial institutions said in a filing in multidistrict litigation in Atlanta federal court. “Each plaintiff has already spent time and money to mitigate what experts universally acknowledge is a substantial risk of future fraudulent banking activity.”

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