Home Depot to Pay $25 Million to Settle Data Breach Lawsuit by Banks

Home Depot has reached an agreement to pay $25 million to banks and credit unions to settle a lawsuit over the retailer’s 2014 data breach.

The lawsuit and settlement represent the consolidation of over 25 class actions against Home Depot by 50 financial institutions. The banks claimed that lax security practices led to Home Depot’s breach of information from an estimated 56 million payment cards.

“Investigation revealed hackers placed malware on Home Depot’s self-checkout kiosks in stores across the country, allowing them to steal customers’ personal financial information, including names, payment card numbers, expiration dates, and security codes,” noted the US District Court for the Northern District of Georgia in its discussion of the settlement, which still requires final approval.

Read more at http://www.advisenltd.com/2017/03/20/home-depot-pay-25-million-settle-data-breach-lawsuit-banks/

Erin Ayers, Home Depot to pay $25 million to settle data breach lawsuit by banks (March 20, 2017), available with subscription at Advisen Cyber Front Page News.