Target settles with banks for $39 million after epic data breach

US retailer Target is back in the headlines again over its 2013 breach. This week, Target has settled on an agreement to pay up to $39m to banks and credit card firms.

After an initial $19m settlement did not pass after card issuers decided it was too low, this new agreement sees Target having to pay up to $20.25 million to banks and credit unions and $19.11 million to reimburse MasterCard card issuers. Target agreed a deal with Visa for $67m in August.

According to Reuters, the settlement will resolve class action claims by lenders seeking to hold Target responsible for the cost of reimbursing customers for fraudulent charges, as well as issuing new credit and debit cards.

The story of the breach stretches back two years, when attackers gained access to Target’s financial data by accessing the retailer via its HVAC provider.

The breach saw the theft of around 40m credit and debit cards, as well as a further 70 million customer records containing information that included customer names, addresses, phone numbers and email addresses.

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