ATLANTA—Credit unions have until Sept. 14 to file a claim from the $25-million settlement reached in the case against Home Depot over the chain's 2014 data breach.
More than 100 plaintiffs, including 42 credit unions, sued Home Depot over the breach. Class members that provide documentation will also be eligible to recover up to 60% of their uncompensated losses. Those in the class not providing such documentation could get up to $2 per card affected in the breach. Final recoveries will also depend in part on how many affected institutions file valid claims, noted NAFCU.
NAFCU said that it continues its call for Congress to establish a national data security standard for merchants akin to the standards already followed by financial institutions. Most recently, NAFCU President and CEO Dan Berger reiterated this call to House and Senate leaders after news of the massive data breach at consumer credit reporting agency Equifax that exposed sensitive data of as many as 143 million Americans.