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May 12, 2015

CUs' complaint against Home Depot to be filed May 15

Credit unions' claims against Home Depot are being folded into an amended complaint due to be filed Friday in Atlanta. NAFCU is seeking to file an amicus brief in support of the claims over breach-related costs incurred.

The claims charge Home Depot with failing to secure and safeguard consumers' financial data after the home improvement chain disclosed a security breach affecting as many as 56 million debit and credit cards last year. Credit unions and other financial institutions incurred millions of dollars in costs to replace payment cards and cover other fraud costs.

Latest in Target suits

A new website launched by Target details the retailers' $10 million settlement fund for those consumers affected by its massive data breach at the end of 2013 is aimed at helping those whose information was compromised navigate through the settlement process.

PYMNTS.com said consumers who have documentation proving they were affected by Target's data breach are eligible for reimbursement of losses up to $10,000. As for the proposed $19 million settlement between Target and MasterCard, U.S. District Judge Paul Magnuson in Minnesota this month denied a request from class action financial institutions to block part of the proposed settlement.

"NAFCU continues to pursue all legal avenues to ensure credit unions aren't left to the foot the bill for retailer data breaches," said NAFCU Senior Vice President of Government Affairs and General Counsel Carrie Hunt. "However, there needs to be legislation passed that holds retailers to a national data security standard."