CUNA said Wednesday that it held a members-only conference call with more than 500 credit unions on Tuesday to share information about potential participation in class-action lawsuits against Equifax.
The call, which also included CUNA's outside counsel, discussed credit unions' legal rights and the pros and cons of directly participating in a lawsuit against the credit-reporting agency over its massive data breach.
"From time to time you will work with attorneys to review documents such as the complaint, and be involved in discovery. Equifax will want to take some information as to the losses and damages that the credit union has suffered," said Joseph Guglielmo, who is an attorney with Scott and Scott, LLP. "You'll also be involved in settlement discussions and review and approve the settlement, to the extent we're able to obtain one."
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