Target data breach settlement: Who qualifies?

[Audrey McNeil <audrey () riskbasedsecurity com>]

http://www.kare11.com/story/news/local/2015/03/19/target-data-breach-settlement-who-qualifies/25050191/

A federal judge granted preliminary approval of a $10 million settlement in
the class action lawsuit against Target, Corp. after a massive data breach
in 2013.

The approval by U.S. District Judge Paul Magnuson means victims will soon
be able to file claims for financial losses.

"Target needs to be commended for being willing to stand up," said Magnuson
during the hearing.

The data breach compromised the credit and debit card information or
personal information of an estimated 100 million people.

Attorney Vincent Esades – who represents Target customers in the lawsuit –
said reaching the $10 million dollar figure took seventh months and a lot
of work.

"While some people might look at this and say, 'is this enough? There's 100
million people?'" said Esades. "When you start to dig down and drill down
to what we are trying to accomplish with a quick resolution to get
something to people who have suffered injury, we had to make some decisions
and they ultimately agreed to it. But it was by no means easy."

Attorneys representing Target declined to comment after the settlement
hearing.

"We are pleased to see the process moving forward and look forward to its
resolution," said Target spokeswoman Molly Snyder.

According to the settlement document, Target will be on the hook for more
like $25 million after you factor in attorney fees and other costs
associated with the lawsuit.

Who qualifies as a victim?

Having a card compromised and reissued by your bank is not enough to file a
claim, according to attorney Vincent Esades, who represents Target
customers in the lawsuit.

To be considered a victim in the lawsuit, a target customer – who shopped
between Nov. 27, 2013 and Dec. 18, 2013 – must have experienced at least
one of these losses:

- Unauthorized or unreimbursed charges on your credit or debit card
- Time spent addressing unauthorized charges
- Costs to hire someone to help correct your credit report
- Higher interest rate on an account or higher interest fees
- Loss of access or restricted access to funds
- Late fees, declined payment fees, overdrafts, returned checks, customer
service, or card cancelation or replacement costs
- Credit-related costs
- Costs to replace your driver's license, state ID card, social security
number, or telephone number

Other costs or unreimbursed expenses

Members of the settlement boil down to two groups: Those who can prove
financial damage and those who still suffered damages but cannot prove it.

People with documentation of their losses will be eligible for up to
$10,000.

These victims will be paid first.

People without proof of their losses can file a "self-certification" claim
– swearing under oath that these damages occurred. After the first group is
paid, the remainder of the settlement fund will be divided equally among
the second group of victims.

When can victims file a claim?

Attorneys estimate victims will be able to file a claim by April 30th.
Esades said it will be easiest for victims to apply using a website
dedicated to the class-action lawsuit, which will be announced at a future
date.

When will payments be made?

At the earliest, beginning of next year. This is due to the final approval
process by the court and the appeal processes by class members. So if you
are a victim, who was financially impacted by the data breach, it's going
to take a while.

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