Tags: target | data breach | hack | cyber security

Target Enters $39.4 Million Settlement With Banks Over Data Breach

Image: Target Enters $39.4 Million Settlement With Banks Over Data Breach
(Dollar Photo Club)

Wednesday, 02 Dec 2015 01:20 PM

Target Corp. has agreed to pay $39.4 million to resolve claims by banks that said they lost money because of the retailer's late 2013 data breach.

The preliminary settlement was filed on Wednesday with the federal court in St. Paul, Minnesota, and requires court approval.

It resolves claims by banks seeking to hold Target responsible for their costs to reimburse fraudulent charges and issuing new credit and debit cards because of the breach.

The Minneapolis-based company has said at least 40 million credit cards were compromised, and that as many as 110 million people may have had personal information, such as email addresses and phone numbers, stolen.

Wednesday's settlement calls for Target to pay as much as $20.25 million directly to banks, and $19.11 million to fund a MasterCard Inc program related to the breach.

The accord covers all banks that issued payment cards put at risk by the breach, and which did not previously release their claims against Target.

Molly Snyder, a Target spokeswoman, said the retailer is "pleased that the process is continuing to move forward."

In afternoon trading, Target shares were down 30 cents at $72.51 on the New York Stock Exchange.


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Target Corp. has agreed to pay $39.4 million to resolve claims by banks that said they lost money because of the retailer's late 2013 data breach.
target, data breach, hack, cyber security
195
2015-20-02
Wednesday, 02 Dec 2015 01:20 PM
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