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August 26, 2015

SEC Won’t Penalize Target Over 2013 Cyber-attack; Company Still Faces Actions by State AGs, Private Litigators

The U.S. Securities and Exchange Commission (SEC) has decided not to recommend an enforcement action against Target Corp. for the 2013 cyber-attack against the company — but the company still faces actions by numerous state attorneys general and private litigators.

The cyber-attack was “one of the largest against a U.S. company” and Target estimates it already has paid $265 million in costs (including litigation costs) related to the attack.

Hundreds of lawsuits filed against the company were consolidated into three main tracks of litigation, one of which was settled for $10 million earlier this year.

Read the full story here.

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