Sept. 26, 2017

Not Another Golden Parachute! Departing Equifax CEO Could Get Millions as Senate Prepares to Grant Equifax Immunity From Consumer Lawsuits

Statement of Robert Weissman, President, Public Citizen

Note: In the wake of a cybersecurity breach, Equifax CEO Richard Smith is resigning. Regulatory filings indicate he could receive an $18.4 million retirement benefits package, but a decision about how much he will receive will be deferred until Equifax’s board of directors finishes its review of the breach.

Disgraced Equifax CEO Richard Smith runs for the hills – toting $18 million in retirement benefits – with 143 million consumers still left in the lurch. Amazingly, at this very moment, Senate Republicans are plotting to aid and abet more financial industry rip-offs and misdeeds, by overturning a U.S. Consumer Financial Protection Bureau rule protecting consumers’ right to join together in class action lawsuits to hold financial wrongdoers accountable.