Target Settles for $39M Over Data Breach
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Target agreed to a $39 million settlement with several U.S. banks on Wednesday over a data breach that affected roughly 40 million customers. The banks lost millions when they were forced to reimburse customers who lost money in the massive 2013 hack of Target's database. The banks, which service MasterCard, filed a class-action lawsuit against Target after rejecting an earlier $19 million deal. MasterCard had tentatively approved that deal in April on behalf of its card issuers, but several of the banks rejected it.