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Following class-action lawsuits filed against Countrywide Financial Corp. regarding a data breach, a court has dismissed data breach claims against the company. The 2008 breach involved a Countrywide employee’s theft of customer information that was then sold to third parties for $70,000. Affected customers were notified of the breach and offered two years of credit monitoring. Though subsequent class-action suits were settled, some members of the class objected to the settlement and filed a separate complaint. The court rejected the causes of action brought by the plaintiffs, essentially holding that “no out-of-pocket loss equals no recovery,” explains Venkat Balasubramani on the Technology & Marketing Law Blog.
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