Following a massive data breach in September 2014 that impacted more than 50 million cardholders, Home Depot has agreed to pay at least $19.5 million, HousingWire staffer Brena Swanson reports, citing a Reuters article.
The home improvement retailer will set up a $13 million fund to reimburse shoppers for out-of-pocket losses, and spend at least $6.5 million to fund 1-1/2 years of cardholder identity protection services.
Home Depot also agreed to improve data security over a two-year period, and hire a chief information security officer to oversee its progress. It will separately pay legal fees and related costs for affected consumers.
"We wanted to put the litigation behind us, and this was the most expeditious path," spokesman Stephen Holmes said. "Customers were never responsible for any fraudulent charges."