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Deadline Looms for CUs to Join Suit vs. Home Depot
Monday, April 20, 2015 6:40 AM

CUNA is reminding credit unions of the May 15 deadline for becoming a party to a class action suit against Home Depot. The suit will seek recovery and injunctive relief associated with a massive data breach at the giant retail outlet in September 2014.

CUNA announced last Wednesday that it will join credit unions and other financial institutions nationwide as a plaintiff in that lawsuit. However, CUNA emphasizes its participation should not discourage any credit union or state credit union league from participating as well, as credit union participation remains vitally important.

"CUNA is pursuing every possible avenue to get merchants to raise their data security standards to protect consumers and card-issuing credit unions. We decided participation in this legal action is another route we can take to support our efforts," according to Susan Parisi, CUNA chief counsel.

CUNA Chief Advocacy Officer Ryan Donovan added, "If the court grants injunctive relief to the plaintiffs, Home Depot will likely be forced to improve its data security standards.

The Atlanta-based, big-box retailer admitted that 56 million credit and debit cards were compromised after cybercriminals infiltrated its payment systems, costing credit unions alone nearly $60 million, according to data compiled by CUNA.