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ChoicePoint to settle shareholder suit
From: lyger <lyger () attrition org>
Date: Mon, 28 Jan 2008 00:13:48 +0000 (UTC)
http://www.ajc.com/metro/content/business/stories/2008/01/24/choice_0125.html Alpharetta-based info broker ChoicePoint said it has agreed to pay $10 million to settle a class action lawsuit stemming from the 2004 theft of records of more than 160,000 people and subsequent stock sales by top executives. The company said neither ChoicePoint nor the individual defendants -- chief executive Derek Smith or operating chief Doug Curling -- admitted to any liability. The theft, though detected by ChoicePoint in the fall of 2004, was not disclosed to the public until Feb. 15, 2005. ChoicePoint said it has entered into a letter of understanding, subject to court approval, through which it and a group of shareholders will settle the lawsuit that stemmed from the security breach. Smith and Curling netted $16.6 million in profit from stock sales before the records theft was disclosed. The timing of the sales lead to an investigation by the Securities and Exchange Commission. Earlier this week the SEC said it has completed the probe and will take no enforcement action. [...] _______________________________________________ Dataloss Mailing List (dataloss () attrition org) http://attrition.org/dataloss Tenable Network Security offers data leakage and compliance monitoring solutions for large and small networks. Scan your network and monitor your traffic to find the data needing protection before it leaks out! http://www.tenablesecurity.com/products/compliance.shtml
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