Financial institutions got a big victory on Tuesday. Five financial institutions, including one credit union, were certified on Tuesday to represent all U.S. financial institutions in the class action lawsuit against Target for damages related to the 2013 data breach. The ruling, handed down by Judge Paul A. Magnuson from the U.S. District Court, District of Minnesota, is almost unprecedented. The five class representatives may now proceed, on behalf of all financial institutions, to seek recovery.
Jonathan Kudulis, a partner with Trimmier, Kudulis & Reisinger of Birmingham, says “this order is the result of a lot of hard work, and it’s just the beginning of a sea change to make merchants responsible for their misconduct, particularly when the misconduct impacts the credit union community.”
Kudulis says credit unions do not need to take any action right now to take advantage of the class action suit. More updates will come through the eSignal Daily and direct communications from the League.
CSE Federal Credit Union, based in Lake Charles, LA, is the lone credit union class representative, and it is represented by an appointed class counsel and Kudulis.