Target's $39M Breach Deal Boosts Banks' Recovery Prospects

Law360, New York (December 2, 2015, 10:08 PM EST) -- The $39 million settlement between Target and a class of card issuers to resolve their data breach dispute is an example to financial institutions that they don't need to shoulder all of the liability for retail hacks and can recoup significant sums for their losses — especially if they resist offers from the major card brands, attorneys say.

Under the deal that received preliminary approval from U.S. District Judge Paul A. Magnuson on Wednesday, U.S. financial institutions that issued the roughly 40 million payment cards compromised by the 2013 security breach at Target and have not released their claims in other...

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