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Target Corporation says it will pay $39.4 million to financial institutions to settle a suit over the company's massive data breach in late 2013, Reuters is reporting.

The report said a preliminary settlement was filed today in federal court in St. Paul, Minn., and requires court approval. The settlement goes to financial institutions whose payment cards were at risk in the breach and which had not released claims against Target.

In the 2013 breach, at least 40 million credit cards were compromised. Target also said personal data, such as email addresses and phone numbers, for as many as 110 million persons was also stolen.

NAFCU continues to press for action on data security legislation that ensures consumers the greatest data protection possible; read more.