Target Security Breach
A $39 million settlement has been reached on behalf of banks and financial institutions affected by the Target security breach. The Court appointed Zimmerman Reed LLP and Chestnut Cambronne PA as Co-Lead “Settlement Class Counsel” to represent you and other Class Members.
The data breach occurred from November 27 to December 15, 2013 and is the largest data security breach ever to have occurred in the United States. The breach compromised approximately 110 million credit and debit cards and personal information of Target customers including addresses, phone numbers and email. Banks and financial institutions have incurred substantial losses in addressing and remediating this breach on behalf of their banking customers. Our firm represents banks affected by this data breach after personal and financial information of their customers was jeopardized.
- Financial firms, Target settle breach claims for $39 million, startribune.com
- Proposed $19 million data breach settlement between Target and MasterCard is voided, startribune.com
- After Target and Home Depot Breaches, Small Lenders Object to Settlements, wsj.com
- Lawyers in federal lawsuit object to Target’s settlement with MasterCard, startribune.com
- Press Release: Financial Institutions Speak Out Against Target’s Settlement with MasterCard
Target’s data breach has led to numerous reports of fraud and required the cancellation of millions of customer credit and debit cards to protect banks and their customers. Banks have reported substantial financial and resource expenditures managing this breach on behalf of their customers. With an estimated 110 million customers affected, it is unclear how much banks will ultimately have to pay, and for how long they will have to manage the risk to their businesses and customers. As a result of the Target security breach, Banks may be experiencing the following losses:
- Card replacement costs;
- Customer reimbursement for fraud losses;
- Lost interest and transaction fees;
- Lost customers;
- Administrative expenses associated with monitoring and preventing fraud; and
- Administrative expenses in dealing with customer confusion