[ISN] Target poised to settle breach for $10 million

http://www.usatoday.com/story/money/business/2015/03/18/target-hack-breach-10-million/24991847/ By Jay Knoll KARE-TV March 19, 2015 MINNEAPOLIS – Target Corp. is poised to settle a class-action lawsuit filed following the retailer’s massive data breach in 2013, court documents filed Wednesday in Minnesota show. A $10 million dollar fund will be established for victims of the breach, the 97-page settlement says. Victims will be eligible for up to $10,000 compensation each. Some aspects of the proposed class action settlement appear unique, said Mark Melodia, founder of the information technology, privacy and data security practice at the law firm of Reed Smith in New York City. “First, the amount of attorneys’ fees contemplated by this deal is at the high end of the historical range, even for multi-district litigation proceedings,” Melodia said, cautioning that he has not had time to study the settlement. […]