Target tosses US$10 million at victims of breach
Individual settlement looks to be sorted, but the banks are still lurking
US retailer target has reportedly agreed to settle lawsuits regarding its 2013 data breach for US$10 million, or up to $10,000 per litigant.
Target was popped in late 2013, when it leaked up to 40 million customer records. The company's since caught a sueball from banks, shed its CEO and burned through $148 million, among other indignities experienced as it tried to clean up the mess.
On Wednesday US time the company's let it be known, through chats to the likes of Reuters, that it will happily pop $10m into an escrow account so that individuals impacted by the breach can be compensated for their pain.
Target's settlement plan calls for claims to be lodged online and suggest claimants could trouser up to $10,000 apiece.
US courts must approve this settlement before it becomes binding.
If the courts accept the plan, it doesn't mean Target is out of the woods because Banks still have a possible action to recover any losses they incurred after criminals used the credit cards pinched from the retailer.
Target's not made a statement on its site, but did recently post advice on how one can "Master the 'Hamptons Beach House' Look". Beaten brass bowls and aquatic-themed fabrics are apparently the way to do it. ®