Yahoo has agreed to pay $50 million to victims of the biggest data breach in history, according to new federal court filings.
The settlement agreement comes two years after the email giant disclosed the cyber break-in, which affected the accounts of 200 million users. Hackers broke into Yahoo in 2013 and 2014 compromising the accounts of 2.9 billion users worldwide, but Yahoo waited years to tell the public.
John Yanchunis, a Tampa lawyer handling the class action lawsuit, filed a motion to approve a settlement agreement with Yahoo in federal court late Tuesday.
Yanchunis estimated the settlement value “exceeds a billion dollars.”
A federal judge is expected approve the settlement agreement on Nov. 29. If approved, the agreement would grant affected Yahoo users cash payments for hundreds of dollars, free credit monitoring for two years and assistance with identity theft trouble.
Once the agreement is approved, Yahoo is supposed to notify every Yahoo email user in the U.S. through email messages, Facebook, Twitter, and Instagram. To collect the settlement cash, Yahoo users must fill out a claim form.