[ISN] Five outstate Minnesota banks sue Target over data breach

http://www.startribune.com/business/246983121.html By: JENNIFER BJORHUS Star Tribune February 24, 2014 A group of First Farmers & Merchants banks in southern Minnesota have sued Target Corp. over alleged damages from the retailer’s data breach late last year. While a number of financial institutions from around the country have sued the company since news of the data heist broke, the First Farmer & Merchants lawsuit is believed to be the first by a financial institution on Target’s home turf in Minnesota. “The way that this has happened, it’s the banks whose exposure is greatest here, ” said Garrett Blanchfield, a lawyer at Reinhardt Wendorf & Blanchfield in St. Paul representing the local banks. “We think the Minnesota laws provide a sound basis for us.” The complaint doesn’t specify a damage amount but says the banks have had to refund fraudulent charges, close and reopen checking and savings accounts and cancel and re-issue credit and debit cards. […]