The U.S. District Court, District of Minnesota granted class action status in the lawsuit against Target related to its massive data breach during the winter holiday shopping season in 2013. Following the decision, Credit Union National Association (CUNA) president/CEO Jim Nussle issued to following statement:
“Credit unions incurred at least $30 million in card reissuance costs related to the Target breach and I’m encouraged this case was awarded class action status. I’m hopeful this will result in financial recovery for the credit unions and their members who were affected.
“While this is a step in the right direction, we need Congress to enact meaningful data security legislation to stop future data breaches. Credit unions and banks are subject to robust data protection and notification standards; the absence of Federal data security standards for the merchants that accept payment cards are the weak link in the system. To properly protect the data of all Americans, we must equally share responsibility.”