Home Depot Security Breach

Zimmerman Reed is representing banks and credit unions in recovering losses arising from the Home Depot data breach. Our firm is currently court-appointed lead counsel for financial institutions in the Target Data Breach Litigation and is well versed in this area of law and factual investigation. We want to talk with financial institutions that have suffered losses in the Home Depot data breach, including amounts spent for card replacement, covering fraudulent charges, notifying customers of the breach, opening and closing accounts, and other expenses.

Background

Not until weeks after the breach did the public learn that in addition to card numbers, expiration dates, and CVV numbers, PIN numbers, mailing addresses, email addresses and other information was compromised. Target also revised its estimates of the number of cards impacted, reporting weeks after the breach that up to 110 million cards may have been impacted, nearly triple the original estimates.

Home Depot announced the data breach in September 2014, when they confirmed that sensitive financial data of 56 million shoppers was compromised – including customers’ names, debit and credit card numbers, card expiration dates, and card verification values. Experts believe it may be the largest data security breach in U.S. history, yet Home Depot’s security protocols were so deficient that the breach continued for over four months while Home Depot failed to detect it.

Financial institutions have already incurred substantial costs due to Home Depot’s data breach, including:

  • Card replacement costs
  • Customer reimbursement for fraud losses
  • Customer notification costs
  • Lost interest and transaction fees
  • Lost customers
  • Administrative expenses associated with monitoring and preventing fraud
  • Administrative expenses in dealing with customer inquiries and confusion

How We Can Help

Financial institutions that have experienced losses as a result of the Home Depot security breach should contact Zimmerman Reed at 800.887.8029 to discuss their potential ability to recoup these costs. We can help navigate the next steps and welcome the opportunity to answer your questions.