A proposed settlement has been reached in a class action lawsuit over the 2015 cyberattack of health insurer Anthem, Inc., involving the theft of the personal information of 78.8 million people. The $115 million settlement, if approved by the Court, will be the largest data breach settlement in history. Attorneys from Altshuler Berzon, Cohen Milstein, Girard Gibbs and Lieff Cabraser were court-appointed to lead the representation of the plaintiffs in the litigation.

The proposed settlement provides for Anthem to establish a $115 million settlement fund, which will be used to

    1) provide victims of the data breach at least two years of credit monitoring
    2) cover out-of-pocket expenses incurred by consumers as a result of the data breach
    3) provide cash compensation for those consumers who are already enrolled in credit monitoring.

In addition to the monetary fund, the settlement will require Anthem to guarantee a certain level of funding for information security and to implement or maintain numerous specific changes to its data security systems, including encryption of certain information and archiving sensitive data with strict access controls. The settlement is designed to protect class members from future risk, provide compensation, and ensure best cybersecurity practices to deter against future data breaches.

Read more details here.