FOR IMMEDIATE RELEASE
Contact: Vicki Christner – CUNA Communications; 202-329-9950; email@example.com
Washington, DC (September 22, 2017) – Judge Thomas W. Thrash Jr. approved a settlement Friday between Home Depot and financial institutions in a lawsuit brought in the wake of a 2014 data breach. CUNA, state leagues and a number of credit unions are among the plaintiffs.
“Credit unions and their members have borne numerous costs due to data breaches such as the one that occurred at Home Depot, and this settlement is a step toward making them whole again,” said CUNA President/CEO Jim Nussle. “CUNA will continue to pursue a legislative solution to achieve stricter merchant data security standards, and we hope to see more victories in ongoing data breach lawsuits.”
The settlement includes creation of a $25 million fund by Home Depot for distribution through a claims process, and an agreement from Home Depot to strengthen its future data security measures.
Home Depot will now be required to fund the settlement and the payout of claims made should commence in the next 90 days.
Credit Union National Association (CUNA) is the only national association that advocates on behalf of all of America's credit unions, which are owned by 110 million consumer members. CUNA, along with its network of affiliated state credit union leagues, delivers unwavering advocacy, continuous professional growth and operational confidence to protect the best interests of all credit unions. For more information about CUNA, visit cuna.org.