Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
CU Seeks Restitution in Class Action Filed Against Target
MONTGOMERY, Ala. (1/3/14)--Alabama State Employees CU has filed a class-action suit related to costs associated with the Target data breach.

It is estimated that more than 40 million accounts were compromised in the breach, which occurred on or around Nov. 27, just before Black Friday, and continued through at least Dec. 15.
 
The suit, filed Monday in an Alabama federal court, seeks $5 million in damages for losses suffered by millions of financial institution members and customers whose personal financial information was compromised, as well as costs associated with closing accounts, reissuing new checks, debit cards and credit cards as a result of Target's data breach.
 
On Dec. 20, Target announced that it had been hit by the wide-reaching security breach.
 
The complaint alleges that Alabama State Employees CU, Montgomery, Ala., and other plaintiffs "were required to expend time, energy and expense to address and resolve these financial disruptions and mitigate the consequences by refunding loss deposits; issuing new credit and debit cards; closing compromised or suspected-to-be compromised accounts opening new accounts; and increased costs in monitoring customer and member accounts to determine which transactions are legitimate or fraudulent."
 
The $211 million-asset credit union is represented by the law firm of Beasley, Allen, Crow, Methvin, Portis & Miles, P.C. of Montgomery, Ala.
 
The law firm filed the class-action lawsuit Dec. 30 in the U.S. District Court, Middle District of Alabama, Northern Division.


RSS print
News Now LiveWire
NCUA re-schedules start of tomorrow's closed meeting to 9 a.m. ET. Open meeting still at 10 a.m. ET.
15 hours ago
.@lisamurkowski @SenatorEnzi @SenJohnBarrasso are latest to weigh in on NCUA risk-based capital proposal. See #NewsNow tomorrow for more
16 hours ago
Now up on News Now: Fed stays course on taper, interest rates http://t.co/6DntsW58vA
18 hours ago
Positive performance indicators and the potential for rising interest rates in @TheNCUA 's latest economic update. http://t.co/yptPbIGvnU
20 hours ago
The @CFPB has launched a nationwide effort to provide financial education. http://t.co/sF3FXHpv3k
21 hours ago