SolarWinds Settles Class Action Lawsuit for $26 Million Over Data Breach Disclosure

SolarWinds has agreed to pay $26 million to a class of investors to resolve claims the software firm misled them about its digital defense capabilities prior to disclosing it had suffered a data breach.

Investors have filed a preliminary approval of the class action settlement, calling the agreement an “excellent result” and a way to avoid costs and risks — along with affecting the range of possible recovery — associated with continuing litigation. 

According to investors’ motion for approval, the settlement was reached on the recommendation of a mediator, with investors arguing it fulfills their goal of “securing the highest possible monetary recovery for the settlement class.”

Read the source article at topclassactions.com