Target Reaches $39.4 Million Breach Settlement with Banks, MasterCard (Dec. 2, 2015)
Target is moving another step forward in its attempts to put its 2013 data breach behind it. The retailer filed settlement documents in Minnesota District Court today, agreeing to pay $39.4 million to banks affected by the breach, which compromised 40 million credit cards and personal information of up to 110 million people.
The settlement includes $20 million that will go directly to settlement class members and a $19 million payment to fund MasterCard’s Account Data Compromise program activities related to the breach, according to the filing.
Plaintiffs in the case included Umpqua Bank (Roseburg, Oregon), Mutual Bank (Whitman, Mass.) Village Bank (St. Francis, Minn.), CSE Federal Credit Union (Lake Charles, La.) and First Federal Savings of Lorain (Ohio). The settlement now awaits court approval.
In August, Target finalized a $67 million settlement with Visa and its issuers related to the breach.