“Credit unions and their members have unfortunately borne the brunt of lax merchant data security standards,” Jim Nussle, chief executive of the Credit Union National Association. “This settlement would be a step toward making them whole again.”
Previously, Home Depot has paid at least $134.5 million in compensation to Visa, MasterCard and various banks. And, on the consumer front, more than 50 lawsuits were consolidated into two class action suits, with the plaintiffs last year awarded $19 million. Of that, $13 million was to reimburse victims for their losses, and $6.5 million to provide them with one and a half years of identity protection services.
In the latest settlement of legal claims arising out of a massive 2014 data breach at Home Depot, the retailer has agreed to pay $27.25 million to affected financial institutions. Illustrating the real-world impact of poor security practices, a two-and-a-half-year-old data breach is ultimately going to cost the DIY […]