Target has agreed to pay a total of $10 to people affected by a 2013 data breach. $10,000 is to be given to each claimant should a class-action lawsuit settlement be given court approval. Data leaked included credit card details. The proposal has also instructed Target to adopt and implement stricter security measures.
Target spokeswoman Molly Snyder said: “We are pleased to see the process moving forward and look forward to its resolution.”
The company is to put the funds into an interest bearing escrow account, with claims being submitted and processed mainly online via a dedicated website. If a judge decides the settlement should go ahead, Target will need to appoint a chief information security official and oversee a written information security program. Documents filed last week said the parties had conferred without opposition from Target.
Target says a minimum of 40 million credit cards were compromised during the breach, which occurred during the 2013 holiday season. Other information that may have been stolen included phone numbers and email addresses. A judge paved the way the consumers to sue the retailer in December, after Target argued that they shouldn’t be able to sue because they couldn’t establish any injury.
