Law360 (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...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!