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The Home Depot, Inc. (NYSE:HD) Facing Legal Tussle Over Customers Data Breach

Boston, MA 09/10/2014 (wallstreetpr) – Even before the dust settled on the severity of the recent confirmation that The Home Depot, Inc. (NYSE:HD) was the subject of data breach, a customer according to Reuters has moved to court accusing the company of not doing enough to safeguard customer’s data.

Charges against Home Depot

Home Depot recent data breach is rumored to be bigger compared to that one reported by Target Corporation (NYSE:TGT) last year. The customer named Kelsey O’Brien in a filling is reportedly seeking class action status against Home Depot as well as compensatory and punitive damages for a period of three years. The lawsuit alleges Home Depot failed to guarantee reasonable security levels that should have been up to the task in protecting customer data.

The lawsuit also claims that card details retrieved from the hacking episode are reported to have been’ sold in an underground website that is’ known for this kind of trades. The Home Depot, Inc. (NYSE:HD) through its spokesman has reiterated that it remains focused on investigating the data breach menace acknowledging it has not received an official transcript of the lawsuit. The severity of the data breach could be’ limited after the company reiterated that there was no evidence that the breach affected online customers in any way.

Senators Push for Investigations

The data-breach is thought to have started back in April through the busy summer period. As a counter measure, The Home Depot, Inc. (NYSE:HD) has announced that it will be offering free identity-protections services as well as credit monitoring to any customers who may need the services

Enrollment of PIN and chip-enabled cards look set to be the long-term solution that will have the capacity of improving the company’s security levels. The fallout from the data breach episodes continues to unfold as the matter has caught the attention of senators who are asking the federal government to swing into action and investigate the matter.

Published by Steve Hackney

Steve Hackney is a corporate finance professional with over 14 years of experience in cash management and investing. He earned a Bachelor of Science in Finance from Florida State University and holds a Certified Treasury Professional certification. Steve lives in Orlando, Florida with his family.



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