Bank pulls out of class-action lawsuit against retail giant Target
The class-action lawsuit from two banks surrounding retail giant Targets data breach experienced a bizarre twist as New York-based Trustmark National Bank backed out of the suit, claiming it was baseless.
April 01, 2014 at 06:48 AM
4 minute read
The original version of this story was published on Law.com
The class-action lawsuit from two banks surrounding retail giant Target's data breach experienced a bizarre twist late last month — just four days after the lawsuit was filed — New York-based Trustmark National Bank backed out of the suit, claiming it was baseless. Now, legal experts question if the second bank, Texas-based Green Bank will drop out of its own suit over liability of Target's data breach.
The data breach occurred between November 27 — known as Black Friday, the big shopping bonanza following Thanksgiving — and December 15.
In the same lawsuit, Security firm Trustwave Holdings Inc. was also being sued over the massive breach. The two banks has claimed that Trustwave, Target's alleged security assessor, failed to maintain the retailer's ongoing compliance with the Payment Card Industry Data Security Standard and other industry standards from protecting personally identifiable information.
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