Credit unions who made claims under the Home Depot data breach settlement will begin receiving settlements payments from the company starting in January. A settlement was approved in September that included the creation of a $25 million fund by Home Depot and an agreement to strengthen its future data security measures.
“We’re pleased to see credit unions affected by this breach will start to see some compensation from the major costs they were hit with as a result of this data breach,” said CUNA President/CEO Jim Nussle. “We remain active in seeking recompense from other data breaches, and in the meantime CUNA will continue its advocacy work to hold merchants to the strict same data security standards credit unions follow.”
The judge who approved the Home Depot settlement, Judge Thomas W. Thrash Jr., will also hear the consolidated class action lawsuits against Equifax, it was announced Thursday. The consolidated suit will be heard in the U.S. District Court for the Northern District of Georgia.
CUNA filed its lawsuit against Equifax as a result of the data breach announced in September that exposed information of as many as 145 million consumers. A number of credit unions and leagues joined CUNA by filing additional suits which have now been consolidated for judicial efficiency.