The Target has filed a lawsuit against Chubb with the retailer claiming the insurance carrier did not properly compensate it for costs incurred following the 2013 data breach.
In the lawsuit Target said the requirement for its banks to replace its customers physical payment cards that were compromised “Constitutes ‘loss of use of tangible property that is not physically injured,”’ under its general liability coverage, according to the lawsuit filed in U.S. District Court in Minneapolis on Friday in Target Corp., a Minnesota corporation, v. ACE American Insurance Co. et. Al,” according to a Business Insurance report.
"Target has been in discussions with the American Insurance Company (ACE) for over a year and recently filed a lawsuit against ACE to recoup costs Target had to pay banks for printing and mailing replacement payment cards after the 2013 data breach. We believe the costs are covered within the scope of the insurance policy Target has with ACE and are focused on resolving the outstanding claim," Target said in a statement to SC Media.
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