Target, MasterCard Reach Multimillion-Dollar Settlement Over Data Breach
Target reached a $39M settlement with MasterCard and other financial institutions Wednesday over the 2013 hack of info from over 40 million of its customers' credit and debit cards.
The agreement sends $19M to MasterCard and $20.3M to settlement members not covered by other deals.
The settlement has Target footing the bill for hackers’ bogus transactions and the costs of new cards for Visa and MasterCard customers—expenses originally covered by the credit/debit card companies.
An earlier settlement with MasterCard fell through in May, but Target struck a similar $67M deal with Visa in August and is looking for final court approval for the new MasterCard deal sometime next year. [WSJ]