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Under the proposal, which requires federal court
approval, Target will deposit the settlement amount into an
interest bearing escrow account, to pay individual victims up to
$10,000 in damages.
The claims will be submitted and processed primarily online
through a dedicated website, according to the court documents.
The proposal also requires Target to adopt and implement data
security measures such as appointing a chief information
security officer and maintaining a written information security
program.
"We are pleased to see the process moving forward and look
forward to its resolution," said Target spokeswoman Molly
Snyder.
CBS News, which earlier reported the settlement, said a court
hearing on the proposed settlement was set for Thursday in St.
Paul, Minnesota.
Target has said at least 40 million credit cards were
compromised in the breach during the 2013 holiday shopping
season and may have resulted in the theft of as many as 110
million people's personal information, such as email addresses
and phone numbers.
A U.S. judge in December cleared the way for consumers to sue
the retailer over the breach, rejecting Target's argument that
the consumers lacked standing to sue because they could not
establish any injury.
The case is In re: Target Corporation Customer Data Security
Breach Litigation, U.S. District Court, District of Minnesota,
No. 14-md-02522.
(Reporting by Peter Cooney in Washington and Supriya Kurane in
Bengaluru; Editing by Eric Walsh and Anupama Dwivedi)
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