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|17 September, 2018

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

Russian hackers had stolen the company's "crown jewels," including email addresses, encrypted passwords and security questions

A website of Yahoo Japan Corp is seen on a computer screen in Tokyo August 19, 2009. Image used for illustrative purpose.

A website of Yahoo Japan Corp is seen on a computer screen in Tokyo August 19, 2009. Image used for illustrative purpose.

REUTERS/Stringer

Altaba Inc, formerly known as Yahoo! Inc, said 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 4689.T to SoftBank Group 9984.T , which was completed on Sept. 14.

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(Reporting by Munsif Vengattil in Bengaluru; Editing by Arun Koyyur) ((Munsif.Vengattil@thomsonreuters.com; 646-223-8780;))

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