Target in $39.4 mln settlement with banks over data breach

Reuters reports:

Target Corp has agreed to pay $39.4 million to resolve claims by banks that said they lost money because of the retailer’s late 2013 data breach.

The preliminary settlement was filed on Wednesday with the federal court in St. Paul, Minnesota, and requires court approval.

It resolves claims by banks seeking to hold Target responsible for their costs to reimburse fraudulent charges and issuing new credit and debit cards because of the breach.

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