Altaba Must Reserve $800M For Canadian Data Breach Claims

Law360 (October 19, 2020, 6:27 PM EDT) -- A Delaware vice chancellor ruled Monday that former Yahoo owner Altaba must set aside roughly $800 million to cover potential liability for data breach claims asserted in Canadian lawsuits before it can distribute roughly $5.6 billion to stockholders as part of its $40 billion wind-down plan.

In a 29-page opinion, Vice Chancellor J. Travis Laster added that Altaba Inc.'s proposal to set aside $250 million for other unknown claims is "ample" and that with the amounts set aside in a reserve, it can move forward with plans to make a distribution to stockholders.

The vice chancellor raised some concerns about Altaba's...

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