Home Depot wants financial institutions’ breach suit dismissed

first_imgHome Depot filed a motion in federal district court to dismiss the class action suit from financial institutions in the wake of the chain’s massive 2014 data breach affecting as many as 56 million payment cards.Home Depot argues that the complaint lacks “any plausible allegation of a concrete injury traceable” to the chain and said that none of the financial institutions has alleged specific harm traceable to the data breach. Home Depot also accused the class of seeking compensation for “possible future harm” rather than previous injury. It also alleges that industry associations in the suit lack standing to assert that their entire memberships incurred damages.NAFCU Senior Vice President of Government Affairs and General Counsel Carrie Hunt responded, “NAFCU supports all avenues for our members to recover their costs. The issues raised in this lawsuit only highlight the need for national data security standards to prevent breaches in the first place.”The class action suit cites more than $150 million in damages to credit unions and community banks as a result of the 2014 Home Depot breach. It was filed in Atlanta, where the home-improvement store chain is headquartered. continue reading » 5SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img read more

Read More →