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Target Corporation last week asked a federal district court to dismiss financial institutions' consolidated class action suit over the company's massive data breach last December.

The suit, filed in the U.S. District Court for the District of Minnesota, has been amended recently and says the breach could have been prevented if Target had taken the right precautions. The breach affected 40 million credit and debit cards and the personal information of 70 million card users. It is estimated to have cost financial institutions $480 million for card replacement and related efforts.

Target, in its request for dismissal filed Tuesday, says the company has no contractual business relationship with the plaintiffs, reported BankInfoSecurity.com.

NAFCU was the first financial trade organization to call for national data securitystandards for retailers following the Target breach, and it continuesto push for legislative action on Capitol Hill. Credit unions and banks are already subject to such standards under the Gramm-Leach-Bliley Act, but retailers are not.

The association is also a member of the Payments Security Task Force, a diverse group of participants in the payments industry focused on EMV chip implementation, including ways to help reduce testing and implementation time.