Target Settles With Banks And Credit Unions. Retailer To Pay More Than $39 Million

After a settlement with Visa earlier this year, Target has finalized settlement agreements with several banks and credit unions concerning its 2013 data breach. The retailer has agreed to pay $39.4 million to affected banks and credit unions. It will pay $20.25 million to banks and credit unions, plus $19.11 million to reimburse MasterCard Inc card issuers.

The banks include Umpqua Holdings Corporation (Oregon), Mutual Bank in Whitman (Massachusetts), Village Bank (Minnesota), CSE Federal Credit Union (Louisiana), and First Federal Savings of Lorain (Ohio). Reportedly, the retailer has spent $290 million in post-breach related costs with insurance companies expect to cover about $90 million. Several lawsuits are still outstanding.