On September 22, 2017, U.S. District Judge Thomas W. Thrash for the Northern District of Georgia, granted final approval of a $25 million settlement with Home Depot that will resolve a proposed class of financial institutions' data breach claims.
Cohen Milstein filed a complaint, Amalgamated Bank v. Home Depot, on November 13, 2014 in the United States District Court for the Northern District of Georgia, Atlanta Division, alleging that negligent security protocols resulted in a massive data breach for Home Depot customers and the banks and financial institutions that service those patrons. That case was joined with other cases in the Multi-District Litigation (MDL) now pending in the Northern District of Georgia.
Starting in April 2014 and continuing for several months, debit and credit card information of millions of Home Depot customers was stolen from Home Depot’s in-store credit and debit card processing system. Because of the data breach, customers’ debit and credit card information quickly flooded the black market, resulting in fraudulent charges, an increased risk of identity theft and other harms to unsuspecting financial institutions and consumers. Fraudulent charges stemming from the breach are estimated to be between two and three billion dollars at this time, with an average of $332 in fraudulent charges on each stolen card.
The MDL is named: In re: The Home Depot Inc. Customer Data Security Breach Litigation, Case No.1:14-md-02583, U.S. District Court, Northern District of Georgia.