MINNEAPOLIS (11/4/15)--A U.S. magistrate denied a request by financial institutions that Target unseal certain documents relating to its 2013 data security breach that compromised roughly 40 million debit and credit card numbers.
On Oct. 23, U.S. Magistrate Judge Jeffrey Keyes rejected a motion by financial institution plaintiffs that asked the retail giant to disclose certain internal documents pertaining to the breach of consumers’ personal information and to its security processes (National Law Review Oct. 28).
The financial institution plaintiffs include CSE FCU, Lake Charles, La.
Target's data security breach compromised 40 million debit and credit card numbers and the personal information of as many as 70 million customers. CUNA research in 2014 found that credit unions incurred $30.6 million in costs related to the breach--not including actual fraud costs.
Regarding the consumer class action suit, a final approval hearing for a proposed settlement is set for Nov. 10 in the U.S. District Court for the District of Minnesota.
Judge Paul Magnuson will consider whether the $10 million settlement is fair, reasonable and adequate and if there are objections. Shoppers affected by the late 2013 data breach could be awarded up to $10,000 each in damages if they can prove that they incurred losses.