Stratfor Settles Lawsuit over Security Breach

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Stratfor has agreed to spend approximately $1.75 million to settle a class action lawsuit over a massive security breach in December of 2011.

"U.S. District Judge Denis Hurley in Central Islip on New York's Long Island earlier this month gave his stamp of approval to a proposed settlement in a case that was filed in January. ... In his June 14 order, the judge said a class member, for purposes of qualifying for the settlement, was any person or company who was a current or former Stratfor subscriber as of December 24, 2011," writes Reuters' Basil Katz.

"Stratfor does not have to admit any 'wrongdoing, fault, violation of law or liability of any kind,' but will have to provide one month of free service to plaintiffs -- a value of $29.08 -- and offer an electronic copy of its publication The Blue Book, which regularly retails for $12.99," RT reports. "The entire settlement is expected to set the company back around $1.75 million."

"Stratfor will also have to buy credit monitoring services for any class members who ask for it," Information Age reports. "At the time of the hack, Stratfor said it had provided identity protection coverage for its paid subscribers. ... The settlement is subject to a final approval hearing, set for September 28."