One less Target: Target settles with consumers harmed by data breach
Posted on 03/20/2015 at 08:23 AM by John Lande
This blog has been following the litigation resulting from Target's highly publicized data breach. Recently, this blog covered a ruling by the federal court handling the case that could portend a sea change in the way banks and retailers share responsibility for cyberattacks. The lawsuit arising from the 2013 data breaches involves two distinct groups of plaintiffs consumers and financial institutions. On March 18, 2015, Target took steps to eliminate consumers from the lawsuit all together by proposing a comprehensive settlement with all consumers. Under the terms of the settlement, Target will set aside $10,000,000 to be paid out to the following consumers: 'All persons in the United States whose credit or debit card information and/or whose personal information was compromised as a result of the data breach that was first disclosed by Target on December 19, 2013.' Consumers who suffered damages can receive up to $10,000 under the terms of the settlement. Excluded from this settlement is the second class of parties aggrieved by the data breach financial intuitions. Litigation will likely continue as Target and financial institutions continue to argue over how retailers and financial institutions should share responsibility for cyberattacks. The material in this blog is not intended, nor should it be construed or relied upon, as legal advice. Please consult with an attorney if specific legal information is needed.
Categories: Cybersecurity Law, John Lande, Banking Law
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