WASHINGTON—CUNA has joined credit unions and other financial institutions nationwide as a plaintiff in a class action lawsuit against Home Depot following the merchant’s massive data breach in 2014.
“Credit union members need a solution to the problem of merchant data breaches,” said Jim Nussle, president and CEO of CUNA in a statement. “Credit unions around the country have been dealt a huge blow by merchant data breaches and CUNA expended significant resources and has been diligently working with its credit union members to address and respond to the Home Depot data breach. CUNA did not make the decision to join the lawsuit lightly; we stand with our credit union members and believe consumers must be protected from merchant negligence. Home Depot continues to operate using the inferior systems and procedures that gave rise to the breach and it is unacceptable.”
CUNA reminded that it has been involved in the issue of merchant data breaches by corresponding and meeting with federal lawmakers, adding that staff will continue all efforts to “ensure any and all data security-related bills afford credit union members with the greatest protection possible.”
CUNA studies show that the Home Depot data breach alone cost credit unions and their members tens of millions of dollars and the merchant has acknowledged that 56 million credit and debit card were compromised in the breach.
Recently, the California and Nevada CU Leagues confirmed that it will become a plaintiff in a class-action lawsuit filed against Home Depot.