Target Spends Millions To Resolve Ongoing Litigation Over 2013 Data Breach
December 4, 2015: 12:00 AM EST
Target Corp. continues to settle lawsuits and resolve claims by banks and credit unions related to a 2013 data breach involving 40 million compromised credit cards. The company acknowledges that at least 70 million people may have lost personal data such as e-mail addresses and phone numbers, though the number may be closer to 110 million. Target has spent $290 million related to the breach so far, of which $90 million is expected to be reimbursed by insurers. The latest settlement, valued at $39.4 million, resolves a class action suit in Minnesota by lenders whose payment cards were affected. The company still faces shareholder lawsuits, as well as investigations by the Federal Trade Commission and state attorneys general.
Jonathan Stempel and Nandita Bose, "Target in $39.4 million settlement with banks over data breach", Reuters, December 04, 2015, © Thomson Reuters
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