Removing Barriers Blog

Home Depot Data Breach Lawsuit Settlement Approved
Posted September 24, 2017 by CUNA Advocacy

Judge Thomas W. Thrash Jr. approved a settlement Friday between Home Depot and financial institutions in a lawsuit brought in the wake of a 2014 data breach. CUNA, state leagues and a number of credit unions are among the plaintiffs.

“Credit unions and their members have borne numerous costs due to data breaches such as the one that occurred at Home Depot, and this settlement is a step toward making them whole again,” said CUNA President/CEO Jim Nussle. “CUNA will continue to pursue a legislative solution to achieve stricter merchant data security standards, and we hope to see more victories in ongoing data breach lawsuits.”

The settlement includes 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. Home Depot will now be required to fund the settlement and the payout of claims made should commence in the next 90 days.

CUNA will soon hold a member call with the counsel that represented CUNA in the Home Depot litigation to discuss credit union’s legal remedies against Equifax in the credit reporting agency’s massive data breach. We’ll provide information on the call soon.