Home Depot has reached a proposed multimillion-dollar settlement with financial institutions affected by its 2014 data breach, according to documents filed in a U.S. District Court.
The retailer agreed to pay up to $25 million to affected financial institutions, as well as up to $2.25 million to entities whose claims were released by a sponsor such as a card processor. Class members that file valid claims will get a “fixed payment award” of about $2 per compromised card without having to prove their losses, even if they've received compensation from another source.
Financial institutions that can prove their losses may get an additional “documented damages award” of up to 60% of their uncompensated costs, according to the settlement documents. The settlement fund excludes attorneys' fees.
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