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The Home Depot Inc. has reached a $25 million settlement with financial institutions connection with its massive 2014 data breach.
Plaintiffs in the litigation filed an unopposed motion for approval of a class action settlement in U.S. District Court in Atlanta in In re: The Home Depot Inc., Customer Data Security Breach Litigation Wednesday.
Atlanta-based Home Depot said in a statement: “We’re pleased to have gotten through this phase of the resolution.”
Under terms of the settlement, Home Depot will pay $25 million into a fund to be distributed to financial institutions that have not already released their claims.
It will also pay another $2.25 million to compensate certain entities whose claims had been released, and it will separately pay the costs of notice, administration and attorney’s fees and expenses.
Home Depot also agreed to implement security measures to reduce the risk of a future data beach, according to the proposed settlement.
The settlement is “within the range of possible recoveries and is fair, adequate and reasonable,” says the filing, adding that continued litigation would be expensive and lengthy. “A national class action such as this one involves seemingly endless discovery; extensive expert involvement; argument and voluminous briefing over certification, summary judgment” and other issues, says the filing.
Financial institutions first filed more than 25 class action lawsuits in reaction to the breach in the fall of 2014. A consolidated amended complaint by 50 financial institutions in 44 states was filed in May 2015. In May, 2016, the District Court issued an order denying Home Depot’s motion to dismiss the complaint.
Home Depot reached a $19.5 million settlement with consumers impacted by the data breach last year.
(Reuters) -- Home Depot Inc. agreed to pay at least $19.5 million to compensate U.S. consumers harmed by a 2014 data breach affecting more than 50 million cardholders.