According to a Motion for Preliminary Approval filed in a Georgia federal court, Home Depot has agreed to pay $25 million and strengthen its data security practices to resolve a putative class action brought by financial institutions after a 2014 data breach that compromised 56 million credit and debit card numbers.
It is reported that financial institutions that file a valid claim will be eligible to receive a fixed payment estimated to be $2 per compromised card. Financial Institutions that submit specific proof of losses may also be eligible for a supplemental award of up to 60% of their documented losses.
The new settlement comes about a year after Home Depot’s agreement last March to pay $13 million to a putative class of consumers’ claims over the breach.
The MDL is In Re: The Home Depot Inc., Customer Data Security Breach Litigation, case number 1:14-md-02583 in the U.S. District Court for the Northern District of Georgia.