Part 1 of this article can be found here. Regulatory and Legislative Changes Impacting D&O Liability In May, the SEC announced that Yahoo! had agreed to pay a $35 million penalty to settle claims that the company had failed to timely disclose massive data breaches in its public filings. As discussed in our previous article, Yahoo!’s $80 million settlement in its related federal securities fraud action marked the first notable payout in a data breach-related securities lawsuit.