Still recovering from its 2013 data breach, Target Corp. agreed to a $39 million settlement with a class of banks suing the well-known retailer, marking the settlement as the first class-wide data breach pact ever reached on behalf of financial institutions.
Target’s data breach exposed 40 million credit and debit cards to fraud during the 2013 holiday season. The Minneapolis-based company’s breach still ranks among the most high-profile data incidents to hit retailers in recent years.
The class-wide pact stems from a consolidated class action complaint filed in August 2014 to recover an estimated $200 million in losses stemming from the breach, including costs to reimburse fraudulent charges and issue new payment cards. The complaint alleges that Target failed to take precautions to protect consumer data and violated the Minnesota Plastic Card Security Act.
Continue Reading Target Agrees to $39 Million Settlement with Credit Card Issuers’ Data Breach Claims