Target Settles With Banks For $39 Million Over Data Breach

Target agreed to pay more than $39 million to banks and credit unions for losses from a 2013 holiday-season data breach that led to the exposure of as many as 40 million payment cards (In re Target Corp. Customer Data Sec. Breach Litig., D. MInn., 14-md-02522, proposed settlement 12/2/15).

The financial institutions sued the Minneapolis-based retailer to recover an estimated $200 million in costs stemming from the hack. Expenses included issuing replacement cards.

In a memorandum filed Dec. 2 describing the agreement, lawyers for the banks and credit unions said Target will contribute more than $20 million ...