Target Corp. has agreed to pay out a huge sum in connection with a breach of the company’s computer systems in 2013. The Wall Street Journal reports that Target agreed to pay $10 million to settle a class-action lawsuit over customers’ compromised financial information.
“Target’s data breach in late 2013 compromised 40 million credit- and debit-card accounts and was one of the challenges that forced out former chief executive Gregg Steinhafel last May,” WSJ notes. “In July, Target named PepsiCo. Inc. executive Brian Cornell as its new chief executive.”
The proposed settlement is contained in court documents filed Wednesday and sent to the U.S. District Court in Minnesota for approval.
“Members who submit the proper documentation are eligible for reimbursement of up to $10,000. Claims will be submitted and processed primarily through a dedicated website,” the story reports.
As part of the settlement, Target also agreed to put new security measures in place, including naming a chief information security officer and implementing training for employees.