Target Corp. is poised to settle a class-action lawsuit filed following the retailer’s 2013 data breach, court documents filed Wednesday in Minnesota show.
A $10-million dollar fund will be established for victims of the data breach, the 97-page settlement says.
Victims will be eligible for up to $10,000 compensation each.
However, they must be able to prove that they experienced actual loss of funds.
Terms of the settlement were agreed upon March 9, which must still be approved by a federal judge.
The massive data breach at Target was revealed in December of 2013.
Data thieves hacked as many as 40 million accounts that affected as many as 110 million people.
They stole encrypted PIN data, customer names, credit and debit card numbers, card expiration dates and the embedded code on the magnetic strip on the back of cards used at Target.
The claim form consists of four questions.
The first is, “Did you use a credit or debit card at any United States Target store, excluding Target.com website, between November 27, 2013 through and including December 18, 2013.”
Other questions ask if the claimant received a breach notice or if they believed that their personal information was compromised.
Asked for comment, Target spokesperson Molly Snyder said. “We are pleased to see the process moving forward and look forward to its resolution.”
SOURCE: KARE-TV – Jay Knoll