Target To Pay $10 Million In Proposed Settlement For 2013 Data Breach

itwbennett writes Target has agreed to pay $10 million in a proposed settlement to a class-action lawsuit stemming from its massive 2013 data breach, which affected as many as 110 million people. Individual victims could receive up to $10,000. The proposed settlement also includes measures to better protect the customer data that Target collects, according to documents filed with the U.S. District Court, District of Minnesota.

Comments

Pocket change

[Guspaz]

They're simultaneously trying to scam Canadian suppliers out of $1.5 billion in unpaid bills. They declared bankruptcy, and now they're trying to claim that they are their own biggest creditor, so all the money from their liquidation should basically go to themselves. All the while, the parent company is making billions in profit.

Actual sums received by members of the suit

[Anonymous Coward]

CNN Money goes to more detail on how the money will be distributed.
http://money.cnn.com/2015/03/19/technology/security/target-data-hack-settlement/
(tldr -- lawyers are the winners)

Re:Actual sums received by members of the suit

[Marginal Coward]

I think the lawyers are always the winners in these class action lawsuits. Years ago, I received a notice that I was the beneficiary of a class action lawsuit revolving around an airline ticket I had once purchased. It seemed like a gift to me because I didn't even know that I had been "damaged." So, the lawyers who brought the suit seemed to be doing me a favor.

As part of the settlement, I was to receive a coupon for a discount on a future ticket from the same airline. The coupon didn't have much face value, maybe $20. Even worse, there were a lot of restrictions on it. So, it was basically worthless.

The lawyers got paid in cash. I assume the lawyers and the defendant always structure these things to minimize the real cost to the defendant in return for maximizing the payout to the lawyers. And of course, compensating the "damaged" plaintiff doesn't really enter into it.

There is this internet searching website and

[Anonymous Coward]

it called Google :

http://www.theglobeandmail.com/report-on-business/target-lands-16-billion-tax-break-as-creditors-fight-for-payback/article23528282/

They even have a button for when you feel lucky!

Pennies on the dollar

[hilather]

40 million customer credit cards exposed, 70 million customer records containing PII exposed. 10 million dollar settlement over a year later? This is a joke, and a good reason to not bother with security.

Re: Everybody gets a dime.

[bill_mcgonigle]

The irony there is that it's these same member banks that have been avoiding a crypto upgrade for over 20 years, forcing Target to manage valuable strings of numbers.

Let's play "who's more wildly negligent here?" It'll be a tough call.

Meanwhile Iceland had marketable torts 1000 years ago and Americans still allow themselves to be screwed over by the class action system.

Re:Everybody gets a dime.

[TheRaven64]

When a class action suit is settled, if you are a member of the class then you should receive a letter asking if you want to opt in to the class. If not, then you don't get the money and are free to take it to court yourself. Opting out then turning up in a small claims court with a class action result and evidence of the value of your losses should get you a few hundred dollars fairly easily. If enough people do this, then it will discourage companies from offering too low settlements for class action suits. The cost for them to send someone to defend is sufficiently high that it's probably not worth it and small claims courts have a habit of ruling against people who don't turn up...