Target Pays $39M To Settle Card Issuers' Data Breach Claims

Law360, New York (December 2, 2015, 12:39 PM EST) -- Target Corp. and a class of banks suing the retailer over its massive 2013 data breach have agreed to a $39 million settlement to resolve their long-running dispute, marking the first class-wide data breach pact ever reached on behalf of financial institutions, the parties announced Wednesday.

Hackers compromised more than 40 million payment cards used at Target during a three-week period during the 2013 holiday season. (Credit: AP) Under the terms of the settlement, which won preliminary approval from U.S. District Judge Paul A. Magnuson during a hearing held two hours after the deal was disclosed, Target will pay up to...

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