FIs’ Certified as Class Members in Target Breach Suit

Reporting by CUNAThe U.S. District Court, District of Minnesota has granted class-action status in the lawsuit against Target related to its massive data breach during the winter holiday shopping season in 2013.

The court’s decision certifies as eligible class members, all entities in the United States and its territories who issued payment cards compromised in the breach that was publicly disclosed by Target on Dec. 19, 2013

Now that the court has certified the financial institution class, financial institutions will be allowed to seek damages together, rather than individually. As reported earlier, it allows the financial institutions to coordinate use of attorneys, collection of evidence, requests of witnesses and most other aspects of the litigation.

The 2013 Target breach was huge, reportedly comprising 40 million debit and credit card numbers, as well as the personal data of as many as 70 million consumers. Credit unions alone, based on CUNA’s research, incurred $30.6 million in costs related to the breach, not including any fraud costs.

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Posted in Compliance News.