The lawsuit stems from Target’s data breach back in March of last year, which resulted in 40 million stolen credit cards. Meanwhile, personal email and mailing addresses were stolen from as many as 70 to 110 million people. Target admitted that it received warning signs prior to the data breach, but failed to act on them.
Documents filed with the United States District Court in Minnesota revealed each affected shopper could be paid up to $10,000 in damages, though victims of the hack have to fill out a form to make their claims. The forms will then be processed through a dedicated website that should pop up in the near future.
The settlement proposal also requires Target to hire a chief information security officer, and maintain a written information security program to incorporate new data security measures. At this point, Target just wants to put all of this behind it.
“We are pleased to see the process moving forward and look forward to its resolution,” said Target spokeswoman Molly Snyder.
Judge Paul A. Magnuson will have a final hearing on the settlement on November 10, so customers will be able to file objections to the terms of the settlement.
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