Toronto company pays 16 million in Ashley Madison lawsuit
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The parent company of the adultery dating site Ashley Madison will pay $1.6 million in settlements following an investigation into a massive security breach that led to millions of users being outed online. Toronto-based Ruby Corp., formerly Avid Life Media, says half of the settlement money will go to the U.S. Federal Trade Commission (FTC) and half to the states participating in the probe.The company stressed the settlement neither admits nor denies the allegations made by the FTC and the State Attorneys-General. Newly appointed CEO of Ruby Corp. Rob Segal released a statement saying the “settlement closes an important chapter on the company’s past and reinforces our commitment to operating with integrity and to building a new future for our members, our team and our company.” New York State Attorney General Eric Schneiderman said yesterday that the settlement was a scathing admission of fraudulent business practices. As part of the settlement, Ruby Corp. has agreed to maintain a comprehensive information security program and refrain from past business practices that may have allegedly been misleading to consumers.