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Target Reaches Data Breach Settlement With Banks

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Last updated on December 9th, 2015 at 01:47 pm

Target Corp. will pay banks and credit unions between $38 and $39 million to resolve a class-action lawsuit triggered by the retailer’s data breach in 2013. As many as 70 million people might have had personal data—including email addresses and phone numbers—compromised because of the breach.

The settlement requires Target to pay about $20.25 million to credit unions and banks, with an additional $19.11 million to MasterCard Inc. for card reissue expenses. U.S. District Judge Paul Magnuson approved the deal in a preliminary hearing. Final approval will come in May 2016.

This comes on the heels of an agreement that Target reached earlier this year with Visa Inc., with the retailer paying about $67 million to Visa and $10 million to customers.

As a result of the data breach, Target has become more proactive in data security, becoming one of the first U.S. merchants to add chip-readers at all locations.

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