For Immediate Release
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.
WASHINGTON - 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.
Public Citizen is a national, nonprofit consumer advocacy organization founded in 1971 to represent consumer interests in Congress, the executive branch and the courts.