Target agrees to pay $39m to Banks for Data Breach | Reuters

Target Hacked- Apology
Target announced a settlement of close to $40m that reimburses banks for damages resulting from the retailer’s 2013 data breach.

In-brief:¬†Reuters reports today that Target Corp has agreed to pay $39.4 million to banks to resolve claims that said they lost money because of the retailer’s late 2013 data breach.

Reuters reports today that Target Corp has agreed to pay $39.4 million to banks to resolve claims that said they lost money because of the retailer’s late 2013 data breach. From the story.

The preliminary settlement filed on Wednesday resolves class-action claims by lenders seeking to hold Target responsible for their costs to reimburse fraudulent charges and issue new credit and debit cards. Target has said at least 40 million credit cards were compromised in the breach, and that as many as 110 million people may have suffered the theft of personal information such as email addresses and phone numbers.The Minneapolis-based retailer has taken steps to avoid a recurrence, including being among the first U.S. retailers to install microchip-enabled card readers at all stores.

[Read more Security Ledger coverage of the Target breach here.]

Source: UPDATE 2-Target in $39.4 mln settlement with banks over data breach | Reuters

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