Sat, Sep 23, 2017
A settlement was approved Friday between Home Depot and financial institutions from their 2014 data breach. CUNA, leagues and a number of credit unions were involved in this litigation.
Home Depot will now be required to fund the settlement and the payout of claims made should commence in the next 90 days. The settlement includes the creation of a $25 million fund by Home Depot for distribution through a claims process, and an agreement from Home Depot to strengthen its future data security measures.
With the Equifax breach in the news and Congressional hearings expected, the Association will be working with our elected officials, credit unions other leagues and CUNA to continueto pursue a legislative solution to achieve stricter merchant data security standards to protect consumers and our credit unions.