The United States District Court for the District of Minnesota has given approval for hundreds of banks and credit unions to band together in a class action against Target Corporation over a 2013 hack that extracted the payment card data and personal information of over 40 million customers. InIn re: Target Corporation Customer Data Security Breach Litigation, the financial institutions allege that they suffered injury in the form of having to replace payment cards, reimburse fraud losses, and take other remedial steps. The ruling will greatly increase the pressure on Target to settle the suit on terms more amenable to the banks, after a previous settlement effort assisted by Visa and MasterCard failed. This is apparently only the second data breach case brought by financial institutions that has reached the class certification stage, and so represents an important precedent.
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