Kmart, Banks Reach Deal In Data Breach Suit

By Kurt Orzeck (May 12, 2016, 10:44 PM EDT) -- Kmart Corp. has settled a proposed class action in which financial institutions accused it of using outdated security measures when hackers breached its networks in 2014, according to a Thursday filing in Illinois federal court.

Kmart and the financial institutions — led by Greater Chautauqua Federal Credit Union — told U.S. District Judge John Z. Lee in a hearing that they had reached a deal, according to a brief minute entry.

The banks sought to recover damages caused by Kmart's alleged negligence and violations of the Illinois Personal Information Protection and Consumer Fraud acts and New York state general business law,...

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