Class counsel for financial institutions says Target’s settlement with MasterCard is improper

Posted on: April 22nd, 2015 by Steve Larson

targetLast week Target reached a $19 million settlement with MasterCard to reimburse card issuing banks for costs associated with the big box retailer’s 2013 data breach that affected over 100 million shoppers. Charles Zimmerman, counsel for Umpqua Bank and other financial institutions (the proposed “FI Class”), has criticized the settlement as “a quick, early, cheap-money” attempt to find relief from the class action claims outside the MDL, which is pending in the Minnesota District Court. He says he intends to ask Judge Magnuson to block the settlement.