Settlement Proposed in Home Depot Data Breach Lawsuit

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  • Home Depot agrees to pay $25 million into a settlement fund for distribution through a claims process to financial institutions that have not previously released their legal rights to recovery;
  • Financial institutions that file a valid claim will be eligible to receive a fixed payment estimated to be $2 per compromised card without having to submit documentation of their losses and regardless of whether any compensation has already been received from another source;
  • In addition, financial institutions that submit proof of losses are also eligible for a supplemental award of up to 60% of their documented, uncompensated losses from the data breach;
  • Home Depot has also agreed to pay up to $2.225 million to entities whose claims were released by a sponsor (such as a card processor) in connection with the recovery program. Eligible sponsored entities that submit a valid claim will be entitled to a payment of approximately $2 per compromised card;
  • As demanded by the associational plaintiffs like CUNA and the leagues, Home Depot will strengthen its future data security measures to reduce the risk of another data breach;
  • Home Depot will separately pay the costs of notice, administration, and court ordered fees and expenses associated with the class action suit; and
  • Subject to court approval, a service award of up to $2,500 will be paid to each financial institution named in the Consolidated Class Action Complaint.

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