Financial Institutions Can File Claims for Target Data Breach Settlement

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Target Corp. has agreed to a class action settlement with financial institutions that issued payment cards that were affected by the massive 2013 Target data breach. The Target data breach class action settlement received preliminary approval on Dec. 2, 2015.

If you are a financial institution that issued one or more payment cards that were identified as being at risk due to the Target data breach, you may be eligible for compensation. Visit www.TargetBankSettlement.com for more information about the class action settlement and find out if you’re eligible to file a claim.

According to the Target bank settlement website, Class Members include financial institutions that “issued one or more payment cards that were identified as having been at risk as a result of the Target Data Breach by (i) Visa, in an alert in the US-2013-1335-IC series; (ii) MasterCard, in an alert in the ADC1904-US-13 series, the ADC1924-US-13 series, or the ADC1940-US-13 series; (iii) Discover, in an alert similar to the foregoing Visa and MasterCard alerts, including an alert in the DCA-US-2013-1085 series; or (iv) American Express or JCB in an alert similar to the foregoing Visa and MasterCard alerts.”

Financial institutions that have previously released their claims against Target regarding their compromised accounts are not eligible to participate in the Target bank settlement.

Under the terms of the proposed Target bank class action settlement, Target will pay more than $39 million to resolve the litigation. A portion of the settlement fund will be used to compensate payment card issuers for the losses they may have experienced from the Target data breach.

Financial institutions will receive a payment of $1.50 per each eligible compromised account they issued, subject to a pro rata reduction depending on the number of approved claims.

Financial institutions may also be eligible for payment up to the amount of any of the following un-reimbursed expenses: card reissuance, fraud coverage losses, and other losses incurred on eligible accounts that may be linked to the Target data breach. Proof must be submitted in order to claim reimbursement for these losses.

Class Members must file a claim by March 22, 2016 to be eligible for compensation from this Target data breach class action settlement. The opt-out deadline is March 1, 2016. Claim filing instructions and Claim Forms are available at www.TargetBankSettlement.com.

The 2013 Target data breach reportedly affected shoppers who shopped at Target between Nov. 27 and Dec. 18, 2013—the height of the holiday shopping season. Target was subsequently hit with several class action lawsuits filed by consumers and financial institutions. These class action lawsuits were consolidated in Minnesota federal court. The litigation is titled In re: Target Corporation Customer Data Security Breach Litigation.

Target agreed to settle the consumer data breach litigation, and the deadline to file claims for that settlement passed on July 31, 2015. The Target consumer data breach settlement offered compensation to consumers who could prove that they suffered losses as a result of the data breach. The consumer class action settlement received final approval in November 2015.

On Aug. 18, 2015, Target and Visa announced that they had reached a $67 million settlement that would compensate payment card issuers for the costs they incurred as a result of the Target data breach.

The financial institutions are represented by Zimmerman Reed LLP and Chestnut Cambronne PA.

The Target Data Breach Class Action Lawsuit is In re: Target Corporation Customer Data Security Breach Litigation, Case No. 0:14-md-02522-PAM, in the U.S. District Court for the District of Minnesota.

UPDATE: On Feb. 1, 2017, the Eighth Circuit Court of appeals reversed the class certification and directed the district court to make a new ruling and explain its findings. According to the settlement website, claims will not be paid until class certification is resolved. This could take several more months. Please keep checking Top Class Actions for updates. We are following the case and will let our viewers know as soon as the class certification decision is made!

UPDATE 2: On Aug. 22, 2019, Top Class Actions viewers started getting checks from the Target data breach class action settlement worth as much as $1,201.88. Congratulations to everyone who filed a claim and got PAID!