Chubb Beats Target's Data Hack Coverage Bid

By Daphne Zhang (February 8, 2021, 9:17 PM EST) -- A Minnesota federal judge freed two Chubb Ltd. units from paying for Target Corp.'s losses from $138 million in bank settlements over a 2013 data breach, holding Monday that the retail giant failed to allege "loss of use damages" covered under the policy.

U.S. District Judge Wilhelmina M. Wright said ACE American Insurance Co. and ACE Property & Casualty Insurance Co. are not obligated to cover Target's settlement liability because the retailer failed to allege a connection between damages from the hack and the claimed "loss of use" of the bank cards.

"Minnesota law requires loss-of-use damages to have some connection...

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