Bloomberg’s Revised $775K Settlement for 2023 Data Breach Approved by Court
A U.S. federal court has granted preliminary approval for a revised $775,000 settlement in a class-action lawsuit stemming from a 2023 data breach involving Bloomberg Industry Group. The case initially excluded a separate January 2024 data incident, prompting the need for an updated agreement.
The settlement covers approximately 36,000 individuals whose personal information was exposed in the breach. U.S. District Judge William C. Griesbach of the Eastern District of Wisconsin approved the deal on April 10, five months after rejecting an earlier version that failed to address the 2024 incident.
The lawsuit highlights ongoing legal and financial repercussions for organizations following data breaches, particularly when multiple incidents are involved. The final approval hearing is pending, with the settlement expected to resolve claims tied to both the 2023 and 2024 breaches.
Bloomberg Industry Group cybersecurity rating report: https://www.rankiteo.com/company/bloomberg-industry-group
"id": "BLO1776119862",
"linkid": "bloomberg-industry-group",
"type": "Breach",
"date": "1/2024",
"severity": "85",
"impact": "4",
"explanation": "Attack with significant impact with customers data leaks"{'affected_entities': [{'customers_affected': '36,000 individuals',
'industry': 'Media/Information Services',
'location': 'United States',
'name': 'Bloomberg Industry Group',
'type': 'Organization'}],
'data_breach': {'number_of_records_exposed': '36,000',
'personally_identifiable_information': 'Yes',
'type_of_data_compromised': 'Personal information'},
'date_detected': '2023',
'description': 'A U.S. federal court granted preliminary approval for a '
'revised $775,000 settlement in a class-action lawsuit '
'stemming from a 2023 data breach involving Bloomberg Industry '
'Group. The settlement covers approximately 36,000 individuals '
'whose personal information was exposed in the breach.',
'impact': {'brand_reputation_impact': 'Ongoing legal and financial '
'repercussions',
'data_compromised': 'Personal information',
'financial_loss': '$775,000 (settlement amount)',
'legal_liabilities': 'Class-action lawsuit'},
'investigation_status': 'Settlement approved (preliminary)',
'references': [{'source': 'Bloomberg Law'}],
'regulatory_compliance': {'legal_actions': 'Class-action lawsuit'},
'title': 'Bloomberg Industry Group Data Breach Settlement',
'type': 'Data Breach'}