Lisa Hoffman reports:
A security breach that opened more than 6 million passwords to online viewing and spawned a putative class action will cost LinkedIn Corp. $1.25 million to settle.
The preliminary agreement was reached August 15 in In Re: LinkedIn User Privacy Litigation, a consolidated action through which plaintiffs alleged the professional networking site misrepresented the strength of its security protections.
The suit stems from a 2012 security breach that let hackers post 6.5 million passwords online. Three days after the hack was discovered, LinkedIn said in a statement it had switched its password encryption method to a more advanced one.
Read more on National Law Journal (registration required).