Target’s Breach Settlement Consumer Website Launches

The massive Target breach that hit the company at the end of 2013 has made its share of headlines. And rightfully so, since 40 million payment cards and personal details for 70 million customers were impacted. But Target has recently announced how it plans to settle with consumers who had personal information compromised.

A website has been set up on behalf of Target that was a result of a court settlement that will have the retailer earmark $10 million for its settlement fund for consumers. For Target customers who shopped at the store from Nov. 27-Dec. 18, 2013, or those who received notice that personal information was compromised, the site is intended to guide those customers through that settlement process.

For those with documentation proving that their information was impacted or funds were breached, they are eligible for reimbursement of losses up to $10,000, as part of the settlement agreement. The losses can include unauthorized, unreimbursed charges; certain costs and fees; and lost or restricted access to funds as a result of the breach. For those who were impacted but do not have documentation, the settlement terms indicate those consumers may still be eligible for a part of the fund, if valid claims can be proven.

But the settlement payments will depend on how many consumers actually claim a report. Consumers have until July 31, 2015 to submit a claim, and a court hearing will be held on Nov. 10, 2015 about the settlement. As part of the settlement agreement, Target will pay up to $6,750,000 in fees and service payments up to $500 each for the settlement classes.

Under the settlement, Target will be also required to maintain a written information security program and provide security training to its employees, as well as monitor for data-security problems and respond to any that present a threat. Although consumers can now submit claims, based on the volume of cases involved in the settlement, payment for those claims aren’t expected to be paid until after the summer filing date has closed.