Home Depot creates $19.5M fund to settle breach class action suit

Under the terms the company would create a $13.5 million fund to reimburse customers for their out-of-pocket losses.

Home Depot has created a $19.5 million fund to settle a class action suit related to the 2014 breach that affected about 56 million of the home improvement chain’s customers.

Home Depot filed papers Monday with the federal court in Atlanta disclosing the details of the proposed settlement, according to Reuters. Under the terms the company would create a $13.5 million fund to reimburse customers for their out-of-pocket losses and spend an additional $6.5 million to pay for 18 months worth of identity protection services for those affected.

The settlement, for which Home Depot did not have to admit any wrongdoing, would cover the 40 million customers who had their debit, credit card and email address information stolen. Another 12 million people who only had their email address taken are included in the settlement.

Home Depot still faces additional suits from several financial institutions, according to CNET.

Related Topics

• Data Breach

In a post-Valentine’s Day attack, the e-commerce site of 1-800-FLOWERS was accessed by an unauthorized person for more than a day during which time about 7K customers placing orders on …