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Target to pay $10m in data breach settlement

RBR Staff Writer Published 19 March 2015

American retailing company Target has agreed to pay $10m to settle a lawsuit over a data breach that occurred in 2013.

The proposed settlement is subject to federal court approval, reported CBS News.

Under the proposal, Target plans to deposit the settlement amount into an interest bearing escrow account that will pay individual victims up to $10,000 in damages.

According to the court documents, Target will implement certain data security measures such as appointing a chief information security officer, as well as maintaining a written information security program, Reuters reported.

Said to be one of the largest of its type, the data breach occurred between 27 November and 15 December 2013. The personal financial information such as email addresses and phone numbers of at least 40 million credit and debits was stolen. Almost all of Target's 1,797 stores across the US were affected by the data breach.

By the end of 2013, around 15 lawsuits were filed against Target seeking millions of dollars in damages.

The Department of Justice then started its own investigation into the breach.