Target to pay $10 million in settlement fees for data breach

Image: CTV News (Canada)

Late in 2013, a major breach of security occurred within the database of Target as someone managed to make off with 40 million credit card numbers from customers that had shopped with the retailer in the past. A year and a half later, a court settlement looks to have been found for the class-action lawsuit that took place in the wake of the hacks which will pay out a total of $10 million to affected Target shoppers.

The settlement will pay out varied amounts to the victims of the cyber attack, with some able to receive as much as $10,000. The money will be placed into an interest-bearing escrow account and will be used to pay victims over a currently unknown amount time. In addition to the payout, Target is required to hire a chief information security officer to ensure an attack such as the one that happened in 2013 doesn't happen again.

While the settlement was accepted, it still requires federal approval before it can be finalized and Target starts taking the necessary steps to repay those affected by the security breach.

Source: Reuters

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