Target has agreed to pay $10 million in a proposed settlement of a class-action lawsuit related to a huge 2013 data breach that consumers say compromised their personal financial information, court documents show.
Under the proposal, which requires federal court approval, Target will deposit the settlement amount into an interest bearing escrow account, to pay individual victims up to $10,000 in damages.
The claims will be submitted and processed primarily online through a dedicated website, according to the court documents.
The proposal also requires Target to adopt and implement data security measures such as appointing a chief information security officer and maintaining a written information security program.
"We are pleased to see the process moving forward and look forward to its resolution," said Target spokeswoman Molly Snyder.