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However, the company said its controversial business model makes raising funds difficult."Europe is the only region where we have a real chance of doing an IPO," the company said in an interview with Bloomberg, because of more liberal attitudes toward adultery on the continent.In 2009 Ashley Madison tried to buy a television ad during the Super Bowl, but the offer was rejected.

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While Ashley Madison hasn't officially confirmed the data's authenticity, it appears to be genuine.

That's going to cause heartburn for the millions of people who have created accounts on the site.

One lawsuit by an anonymous individual said that the Toronto-based company could have prevented the leak if it had taken “necessary and reasonable precautions to protect its users’ information, by, for example, encrypting the data”.

The settlement, which still has to be reviewed by a judge, will mean that Ruby Life won’t have to admit to any wrongdoing, but will compensate individuals with “valid claims” for alleged losses resulting from the breach."The parties have agreed to the proposed settlement in order to avoid the uncertainty, expense, and inconvenience associated with continued litigation," said Ruby Life in a statement.

These are slated to encompass the use of credit card information to prove a user is over 18.