Victims of Target breach eligible for $10K payout

Target is preparing to settle with victims of its 2013 data breach for a total of $10 million.

The company will establish a fund for victims who can prove they were harmed by the theft of their credit or debit card numbers, according to court documents filed Wednesday in Minneapolis.

The threshold for proving harm is high.

{mosads}Individuals will be eligible for up to $10,000 each, but must establish that they spent time and money addressing unauthorized, unreimbursed charges on their accounts.

The 97-page settlement was agreed to on March 9 and must be approved by a federal judge. A court hearing is reportedly scheduled for Thursday.

Hackers broke into Target’s systems between Nov. 27 and Dec. 15, 2013 and stole customer names as well as the information for at least 40 million credit and debit cards. The breach was reported publicly on Dec. 18, 2013.

As part of its settlement, the company will be required to adopt certain data security measures, such as appointing a chief information security officer.