September 17, 2018 / 12:50 PM / a month ago

Altaba settles cases related to 2014 Yahoo breach for $47 million

(Reuters) - Altaba Inc, formerly known as Yahoo! Inc, said here on Monday it expects to incur a total of $47 million in litigation expenses to settle the three cases for failing to disclose the 2014 cyber security breach.

Yahoo’s information security team learned just days after the December 2014 breach that Russian hackers had stolen the company’s “crown jewels,” including email addresses, encrypted passwords and security questions, the U.S. regulator had said.

Altaba also announced a $5.75 billion share repurchase, using the proceeds of its sale of Yahoo Japan to SoftBank Group, which was completed on Sept. 14.

Reporting by Munsif Vengattil in Bengaluru; Editing by Arun Koyyur

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