Target suit wins class action status

Five financial institutions have won their fight for class action status in their ongoing battle over Target’s 2013 data breach, according to a court ruling issued Tuesday.

The order came after Target and attorneys for five financial institutions appeared before a judge on Sept. 10.

In his 16-page ruling, U.S. District Court Judge Paul A. Magnuson methodically struck down Target’s arguments opposing class action status, including its assertion that the losses should be measured on an institution-by-institution basis. Magnuson also criticized Target’s argument that because reissuance wasn’t legally required after the breach, it should not bear financial institutions’ costs of reissuance.

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