Target Agrees to Pay $10 Million to Data Breach Victims

After the massive data breach in 2013, Target has agreed to pay $10 million under a proposed settlement in a class-action lawsuit. 

The settlement, which still needs to be approved by a federal district court judge, would create a settlement account that could pay victims up to $10,000 in damages, as reported by CBS News.

The data breach occurred between Nov.27 and Dec. 15, 2013, right in the middle of holiday shopping. The breach was the biggest of it's kind, and information from an estimated 40 million credit and debt cards was stolen.

The breach affected mostly all of Target's 1,797 stores in the U.S. It is believed that the information was captured by installing software on the payment terminals.

Many lawsuits were filed because of the breach, seeking millions in damages.

This announcement comes as Target recently laid off 1,700 employees at it's Minneapolis headquarters.