“Home Depot to Pay $25M to Settle Banks’ Data Breach Claims,” Law360
March 09, 2017
Home Depot has agreed to pay $25 million and strengthen its data security practices to resolve a putative class action brought by financial institutions after a 2014 data breach that compromised 56 million credit and debit card numbers, according to documents filed in Georgia federal court late Wednesday.
According to a memorandum in support of the financial institutions' unopposed motion for preliminary approval of the proposed settlement, the parties "after several years of contentious litigation" have reached an agreement that would require Home Depot to pay $25 million into a non-revisionary fund to be distributed to financial institutions that have not already released their claims against the retailer for losses stemming from the headline-grabbing payment card data breach.
Cohen Milstein serves on the plaintiffs' steering committee.