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May 12 — A federal judge gave final approval May 12 to a $39 million class action settlement over allegations by banks and credit unions against Target Corp. for losses from a 2013 holiday-season data breach.
Judge Paul A. Magnuson of the U.S. District Court for the District of Minnesota approved the settlement, under which Target will contribute $20 million to a general settlement fund and more than $19 million to a separate recovery program handled by MasterCard Inc.
Separate from the settlement, Target will pay about $19.9 million in attorneys' fees to the class counsel and will pay $100,000 total to the class representatives.
The class action stemmed from a 2013 data breach where hackers stole card data and personal information from tens of millions of shoppers (12 PVLR 2133, 12/23/13).
Target has previously settled with consumers affected by the breach for $10 million (14 PVLR 2145, 11/23/15) and with Visa Inc. for $67 million (14 PVLR 1564, 8/24/15).
Zimmerman Reed, PLLP and Chestnut Cambronne PA are class counsel. Morrison & Foerster LLP; Ropes & Gray LLP; Davis Wright Tremaine; Faegre Baker Daniels LLP; Armstrong Teasdale, LLP; Hinckley, Allen & Snyder LLP and Maschoff Brennan are counsel for Target.
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Full text of the court opinion is available at http://www.bloomberglaw.com/public/document/IN_RE_Target_Corporation_Customer_Data_Security_Breach_Litigation/9.
Full text of the class settlement is available at http://www.bloomberglaw.com/public/document/IN_RE_Target_Corporation_Customer_Data_Security_Breach_Litigation/8.
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