Target to Pay Banks $39 Million Over Data Breach

The settlements covers reimbursement and card replacement costs

Target (TGT) will be paying banks $39.4 million in a settlement over its data breach in 2013.

target-data-breach-mastercard-tgt-maThis settlements that has been reached includes all banks that had cards that may have been affected by the data breach. It doesn’t include those that chose not to hold Target accountable, or have already received settlements, such as MasterCard (MA). The money from the settlement is to cover the cost of reimbursing customers, replacing cards and legal fees, reports Reuters.

The Target data breach resulted in 40 million credit and debit cards being compromised. It also saw the private information of 70 million people possibly being stolen. The company has made efforts to increase security. It also still faces probes from government organizations and other lawsuits, Reuters notes.

Target isn’t the only company that’s had a problem with data breaches. AT&T (T) was fined for one earlier this year, Hilton (HLT) saw credit card information stolen in 2015, a teenager was arrested in connection with a TalkTalk data breach and VTech (VTKLY) suffered from one in late November.

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Article printed from InvestorPlace Media, https://investorplace.com/2015/12/target-data-breach-mastercard-tgt-ma/.

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