Anthem Reaches $115M Data Breach Settlement

Posted: Updated:
The 2015 cyberattack resulted in the theft of the personal information of 78.8 million people. The 2015 cyberattack resulted in the theft of the personal information of 78.8 million people.

Indianapolis-based Anthem Inc. (NYSE: ANTM) has reached a $115 million settlement agreement over the 2015 data breach involving nearly 80 million people. Attorneys for the plaintiffs in the class action lawsuit say the agreement, if approved by the court, would be the largest data breach settlement in history.

The settlement fund would be used to provide those affected by the breach with at least two years of credit monitoring or reimburse those who are already enrolled. It would also cover out-of-pocket expenses for impacted consumers. The agreement would also require Anthem to maintain a specific level of funding for information security and change some security practices.

The 2015 cyberattack resulted in the theft of the personal information of about 78.8 million people, including names, birthdays, social security numbers and health care ID numbers. It led to more than 100 lawsuits being filed against Anthem. Co-lead plaintiffs' counsel Eve Cervantez says she is "pleased that consumers who were affected by this data breach will be protected going forward and compensated for past losses."

United States District Court for the Northern District of California Judge Lucy Koh is scheduled to hear the motion for settlement on August 17.

The news comes in the midst of an eventful few months for the insurer. Last week, Anthem, along with Indianapolis-based MDwise Marketplace, announced it would not offer individual plans in Indiana through the federally-subsidized Affordable Care Act exchanges next year. In May, Anthem terminated its proposed $54 billion merger with Cigna Corp. (NYSE: CI), which would have created the largest insurance company in the United States.

  • Perspectives

    • Expand Your Workforce to Include The Deaf Community

      While there are arguably many minority groups that are grossly underutilized in the workforce, I’d wager that most people do not consider the Deaf community when thinking about diversity and inclusion strategies. The Deaf community shares a unique culture that is closely networked, but few employers know how to tap into this community, which comprises 10 percent of the population. In fact, many people probably see barriers for the Deaf community when it comes to employment...

    More

Subscribe

Name:
Company Name:
Email:
Confirm Email:
HTML
INside Edge
Morning Briefing
BigWigs & New Gigs
Life Sciences Indiana
Indiana Connections
INPower
Subscribe
Unsubscribe

Events



  • Most Popular Stories

    • Indiana Lands $21M in Opioid Treatment Funding

      The U.S. Department of Health and Human Services has awarded more than $18 million to the Indiana Family and Social Services Administration. The two-year grant will be used for opioid treatment services throughout the state.

    • The Union Club Hotel was built in 1929. (photo courtesy of Purdue University)

      $30M Gift to Fund Purdue Hotel Renovation

      Purdue University says it plans to use a $30 million gift to transform an existing building into a world-class hotel. The gift from Bruce White, a Purdue alumnus and former trustee, his wife Beth, and the Dean and Barbara White Foundation, will fund the renovation of the Union Club Hotel, which will also serve as a laboratory learning environment for students. The university says the renovations will feature upgrades in furnishings, fixtures, and amenities for the hotel, as well as a...
    • MainSource to Acquire Kentucky Bank

      Greensburg-based MainSource Financial Group Inc. (Nasdaq: MSFG) has announced plans to acquire Louisville-based FCB Bancorp Inc., the parent of The First Capital Bank of Kentucky. The nearly $57 million cash and stock deal is expected to be complete by the second quarter of 2017.

    • MainSource Completes FCB Acquisition

      Greensburg-based MainSource Financial Group Inc. (Nasdaq: MSFG) has completed its nearly $60 million acquisition of Louisville-based FCB Bancorp Inc. The bank says it plans to fully integrate all First Capital Bank of Kentucky branches into MainSource Bank locations later in the second quarter.

    • Cottongim Joins Taft’s Municipal And Legislative Team

      Taft Stettinius & Hollister LLP has added Ann Cottongim as director of municipal and legislative relations. In this role, she will direct the firm's objectives involving local and state government affairs by maintaining and nurturing relationships with municipal, county and state officials. She previously served as deputy director and CFO of Aim (Accelerate Indiana Municipalities, formerly known as Indiana Association of Cities and Towns (IACT)).