An anonymous reader quotes the Washington Post: Since it announced a massive data breach earlier this month, Equifax has been hit with dozens of lawsuits from shareholders, consumers and now one filed by a small Wisconsin credit union that represents what could be the first by a financial institution attempting to preemptively recoup losses caused by alleged fraud the hack could cause... In the lawsuit, which seeks class action status, Madison-based Summit Credit Union says that financial institutions will have to bear the cost of canceling and reissuing credit cards as well as absorbing the cost of any fraudulent charges. They will also lose "profits because their members or customers were unwilling or unable to use their credit cards following the breach," according to the lawsuit... "For financial institutions it is important: They bear the financial responsibility for identity theft," said Summit's attorney Stacey Slaughter of the law firm Robins Kaplan. "All of the components that would allow someone to create a new identity" were exposed in the Equifax hack. Equifax responded that they can't comment on pending litigation, according to the article, though "Equifax has said it did its best to respond to the breach and alerted consumers as quickly as it could..." "The company's stock price has fallen 27 percent since it announced the hack September 7."

Read more of this story at Slashdot.