Target Pays $10 Million Settlement to Data Breach Victims
Target Corporation has agreed to a $10 million settlement for customers whose personal information was stolen in a 2013 data breach. Hackers accessed financial data of approximately 40 million customers in addition to personal information including name, address, phone number, and email addresses of nearly 70 million customers.
The settlement states class members who submit documentation to support their financial losses will be eligible to receive reimbursement up to a maximum of $10,000. Necessary documentation may include credit card statements, invoices, or receipts. For each type of documented loss, a class member may also be eligible to be reimbursed for up to two hours of lost time at a rate of $10 per hour. Class members can also submit a self-certification claim, which does not require documents to evidence a loss caused by the data breach. Members who submit this type of claim may be eligible to receive an equal share of the settlement fund after documented claims are paid.
In addition to the financial reimbursement portion of the settlement, it also requires Target to maintain a written Information Security program, a process to monitor for Information Security events and respond to such events that are deemed as a threat, and provide for security training for Target employees. The settlement also states that Target will appoint a Chief Information Security Officer to oversee these operations.
Class action attorneys at Cohen & Malad, LLP litigate consumer protection claims against large corporations like Target, Lumber Liquidators, and Anthem. For more information about these types of lawsuits click here.