Target's $10M settlement given early OK – so how much can you expect to get?


Target's proposed $10 million settlement was given an early green light Thursday.

One day after Target submitted court documents outlining its proposal, a federal judge in St. Paul granted the settlement preliminary approval, the New York Times reports.

What does that mean?

Customers can still object to Target's proposed settlement, and the terms involved, the New York Times says. But the judge slated a final hearing in the matter for Nov. 10.

All of this stems from the much-covered data breach during the 2013 holiday season. Hackers stole the payment card information of an estimated 40 million customers, plus other personal information from millions more.

A number of lawsuits were filed, and they were eventually bundled in to one, large class action suit.

NBC News reported court documents were filed Wednesday to settle the matter.

A $10 million fund will be established for victims of the breach who can prove they suffered monetary losses. Each victim will be eligible for up to $10,000 compensation.

According to CNBC, the claims will be submitted through a website created specifically for the settlement.

Don't expect anything near that just for shopping at Target while the breach was happening, however.

USA Today spoke with security and law experts, who said customers have to clearly show they suffered a loss because of the breach in order to get compensated.

One lawyer said proving harm in breach cases like this is usually difficult – and a consumer research analyst said those who do put in a claim will likely get $50-$100.

The Star Tribune says a lawsuit filed by large banks could end up costing the bullseye significantly more.

As part of the proposed settlement, Target will also have to add an information security officer and adopt new data security measures, CNBC reported.

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