WASHINGTON–A settlement between financial institutions and Home Depot in a lawsuit over the company's 2014 data breach has been approved by Judge Thomas W. Thrash, Jr. CUNA, state leagues and a number of credit unions are among the plaintiffs.
“Credit unions and their members have borne numerous costs due to data breaches such as the one that occurred at Home Depot, and this settlement is a step toward making them whole again,” said CUNA President/CEO Jim Nussle in a statement.“CUNA will continue to pursue a legislative solution to achieve stricter merchant data security standards, and we hope to see more victories in ongoing data breach lawsuits.”
The settlement includes creation of a $25 million fund by Home Depot for distribution through a claims process, and an agreement from Home Depot to strengthen its future data security measures. It is expected the payout of claims will begin in the next 90 days.
The announcement comes at the same time the first credit union has filed suit against Equifax over its massive data breach, with other suits expected to follow.