Orrick, Herrington & Sutcliffe LLP has agreed to pay an $8 million settlement for consolidated class action claims stemming from a data breach. The breach reportedly affected around 461,100 individuals. This information is according to a recent report featured on Bloomberg Law.
The class counsel has petitioned the US District Court for the Northern District of California for approval of the settlement via an unopposed motion filed on Thursday.
A notable aspect of the agreement includes an allowance for attorney’s fees to reach up to 25% of the settlement fund, with costs capped at $50,000. The lead plaintiffs can also request service awards amounting to as much as $2,500 each under the terms of this agreement.
This incident is not an isolated one, but forms part of a growing wave of cyber-attacks targeting law firms.
The increased digital dependence of legal services has made data more accessible, yet more susceptible to unauthorized access. There is a greater need than ever for legal firms to invest in cybersecurity, ensuring they are adequately prepared to face potential threats. The aftermath of such breaches can be costly, as demonstrated by Orrick’s settlement, and damaging to firms’ reputations.