A federal judge in San Jose has given final approval to an $80 million deal Yahoo Inc. reached to settle investor claims that the company failed to disclose four data breaches—breaches which affected as many as 3 billion Yahoo accounts and detrimentally impacted the company’s stock once they came to light.
The settlement, which U.S. District Judge Lucy Koh of the Northern District of California signed off on on Friday, provides $14.4 million in attorneys fees—or roughly 18 percent of the total settlement—for the plaintiffs’ attorneys, led by class counsel at Glancy Prongay & Murray and Pomerantz LLP. The settlement technically was reached by Altaba Inc., the name the company formerly known as Yahoo took on after Verizon acquired its operating business.
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