Target To Settle Breach Lawsuit With $10 Million Payment. What You Need To Know About Filing Claims

Retail giant Target Corporation has reportedly agreed to a $10 million settlement to resolve a class-action lawsuit from its massive 2013 data breach. About 40 million debit- and credit-card accounts were affected by the data breach.

The class-action lawsuit had been filed in Minneapolis, Minnesota where the retailer's headquarters are located. The maximum payment from the settlement is $10,000.00 per person. NBC News reported:

"In a report last year, the Senate Commerce, Science and Transportation Committee accused Target of having failed to respond to warnings that malware had been installed on its system and of having missed several other opportunities to thwart the hackers. Chief Executive Gregg Steinhafel resigned, and Target hired Brian Cornell, a former PepsiCo and Wal-Mart executive, to steer the retailer on a path to regain customer confidence."

The ABC News affiliate in Minneapolis, KSTP, reported that people affected by the breach:

"... would be eligible for a portion of the settlement fund if they submit "reasonable documentation showing their losses more likely than not arose from the Target data breach (for example, a credit card statement, invoice or receipt)." Victims could also include two hours of "lost time," at $10 per hour, for each type of documented loss they incurred, including for inconveniences such as dealing with unauthorized charges or replacement of a driver's license."

If you were affected by the data breach, read closely any correspondence you receive from Target. If you haven't received any notices, a good place to start is the Press Room at the retailer's website. There, you can sign up for e-mail or SMS alerts. Or, you can contact the retailer's Guest Relations department.

If you were affected by the breach, did you file a claim? If so, what has been your experience? Was it resolved promptly?