U.S. District Judge Thomas Thrash on Friday approved a settlement between Home Depot and financial institutions, including credit unions, in a suit filed in the wake of a 2014 data breach at the retailer.
Several state credit union leagues and CUNA were plaintiffs in the suit.
The settlement, filed in the U.S. District Court for the Northern District of Georgia, includes creation of a $25 million fund by Home Depot for distribution through a claims process, as well as an agreement by the retailer to strengthen data security systems.
In September 2014, Home Depot announced that hackers stole payment card data from customers who made purchases at self-checkout terminals between April 10, 2014, and Sept. 13, 2014. The hackers also stole a separate file of customer email addresses.
The settlement was initially announced on March 8, after eight months of negotiations.
Home Depot is now required to fund the settlement and the payout of claims should begin in the next 90 days.
The settlement is just the latest in a series of payouts in connection with Home Depot’s data breach.
