The settlement agreement was signed on behalf of the retailer on May 15 by Carter Leuty, Target`s vice president of legal. « We have been working closely with attorneys general for several years to address claims related to Target`s data breach in 2013, » a spokeswoman told ISMG. « We are pleased to resolve this issue for all parties involved. The costs associated with this comparison are already reflected in the data breach liability reserves that Target has previously recorded and disclosed. Unlike the MasterCard proposal, this visa regime does not require the approval of a certain percentage of financial institutions. The breach, announced on December 19, 2013, was a major driver of the abrupt resignation of Gregg Steinhafel, CEO of Target, last year. « The long-term value of this comparison is the reform effort Target must undertake to protect the personal financial data of Pennsylvania consumers and consumers across the country, » Attorney General Shapiro said. « Consumers can be confident that their information is secure when buying items and is not at risk of being stolen by cyber hackers. » The most recent comparison applies to all financial institutions that have issued payment cards threatened by the breach and have not previously exempted their fees to Target. The consequences of the breach contributed to Gregg Steinhafel`s downfall as CEO in 2014. He was replaced by Brian Cornell, a former PepsiCo executive. In the Target security incident, hackers had access to the credit and debit card information of 110 million customers. It has resulted in more than 100 complaints across the country, which have been consolidated into multi-district litigation before the United States District Court for the District of Minnesota. The court grouped the cases into three categories: consumers, financial institutions (such as the banks that issued the compromised credit and debit cards), and Target shareholders. The financial institution`s recourse has been settled and the Tribunal has authorized this transaction without challenge; The shareholder derivatives claim was dismissed without opposition after the report of Target`s Special Litigation Committee concluded that it was not in the company`s best interest to pursue the claims.
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