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Why Banks Sued Home Depot

Banks and credit unions filed a consolidated class-action suit against Home Depot in a district court in Atlanta. The suit claims that Home Depot failed to properly secure and monitor its payments network. It exposed personal and financial information about 56 million U.S. consumers. In May, banks rejected MasterCard’s $19 million breach settlement with Target because it provided inadequate reimbursement. One executive with a leading card issuer on the West Coast says a mistrust of the card brands is brewing among card issuers. An analyst says card brands don’t seem to really understand how much issuers are paying or absorbing for card breaches.”]

Source: https://www.bankinfosecurity.com/home-depot-a-8272

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