Lifelock Inc (LOCK) To Pay $100 Million To Settle FTC Violation

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Lifelock Inc (LOCK) To Pay $100 Million To Settle FTC Violation

LifeLock announced that the Federal Trade Commission (FTC) approved a comprehensive agreement that would settle the charges filed against the company for violating the Commission’s order related to its previous marketing practices and information security programs.

Under the agreement, the company agreed to pay $100 million, which will be refunded to consumers affected by its false identity theft prevention and data security claims.

The $100 will be placed into the registry of the court responsible for overseeing the FTC lawsuit against Lifelock. The money will be used to fund the consumer redress ordered by any state attorneys general including the $68 million (authorized to be transferred to the court), which was contemplated in the class action settlement. The remaining $32 million will remain in the registry of the court.

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According to Lifelock, the total amount of the settlement will be $113 million including legal and other administrative fees. The company already accrued and disclosed the amount in its latest 10-Q filing.