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Target settles data breach class action with financial institutions for $39 million

By Kathryn Rattigan on December 3, 2015
Posted in Data Breach

We previously reported that Target Corp.’s (Target) settlement with MasterCard was rejected, but now, Target agreed to pay $39 million to settle the class action filed against it on behalf of the financial institutions affected by Target’s 2013 data breach. Target will pay $20.5 million directly to class members, consisting of all U.S. financial institutions that issued payment cards that were identified as at risk due to the 2013 data breach, and $19.1 million to fund MasterCard’s Account Data Compromise program. Target has also agreed to give up its right to challenge MasterCard’s assessment of breach liability. Counsel for the financial institutions said, “This settlement is a strong and important result for those financial institutions that sustained losses as a result of the Target data breach, providing compensation well beyond what the card brand networks offered.” This settlement is another example (in addition to the $67 million settlement with Visa stemming from the same data breach) where financial institutions have not had to bear the burden of a data breach in which they had no hand.

Tags: Account Data Compromise program, mastercard, Target Corp., visa
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Photo of Kathryn Rattigan Kathryn Rattigan

Kathryn Rattigan is a member of the Business Litigation Group and the Data Privacy and Security Team. She concentrates her practice on privacy and security compliance under both state and federal regulations and advising clients on website and mobile app privacy and…

Kathryn Rattigan is a member of the Business Litigation Group and the Data Privacy and Security Team. She concentrates her practice on privacy and security compliance under both state and federal regulations and advising clients on website and mobile app privacy and security compliance. Kathryn helps clients review, revise and implement necessary policies and procedures under the Health Insurance Portability and Accountability Act (HIPAA). She also provides clients with the information needed to effectively and efficiently handle potential and confirmed data breaches while providing insight into federal regulations and requirements for notification and an assessment under state breach notification laws. Prior to joining the firm, Kathryn was an associate at Nixon Peabody. She earned her J.D., cum laude, from Roger Williams University School of Law and her B.A., magna cum laude, from Stonehill College. She is admitted to practice law in Massachusetts and Rhode Island. Read her full rc.com bio here.

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