Target Agrees To $39.4M Settlement With Banks Over Data Breach

Target Corp has agreed to pay $39.4 million to resolve claims by banks and credit unions that said they lost money because of the retailer’s late 2013 data breach. The settlement filed on Wednesday resolves class-action claims by lenders seeking to hold Target responsible for their costs to reimburse fraudulent charges and issue new credit and debit cards. Target previously said at least 40 million credit cards were compromised in the breach, and that as many as 110 million people may have suffered the theft of personal information such as email addresses and phone numbers.