Report: Target to pay $10 million in data breach class action

New York -- Target Corp. has agreed to pay $10 million in a proposed settlement of a class-action suit related to the company’s 2013 data breach, according to court documents filed Wednesday. The retailer confirmed the news in a CBS News report.



“We are pleased to see the process moving forward and look forward to its resolution," Target spokesperson Molly Snyder told CBS News late Wednesday.



The proposed settlement, which still must be approved by a federal district court judge, creates a settlement account that could pay individual victims up to $10,000 in damages, according to court documents. It would also require the retailer to appoint a chief information security officer, keep a written information security program and offer security training to its workers.



In addition, Target would be required to have a process to monitor for data security events.



A court hearing on proposal is scheduled for Thursday in St. Paul, Minnesota.