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Though it may be summer before card issuers see any money, Wednesday’s news of a $39 million settlement between Target and financial institutions affected by its 2013 data breach likely signaled the end of a two-year legal saga that allegedly began when a Target refrigeration vendor employee opened a phishing email.

In an interview with CU Times, co-lead plaintiffs’ counsel Karl Cambronne of Chestnut Cambronne PA said notice of the settlement and instructions will go out to financial institutions this month. At least 7,000 financial institutions and 20,000 senior executives could receive the notice, according to court documents filed Wednesday.

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Tina Orem


Credit Union Times

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