Home Depot Wants $50M Coverage For Data Breach Suit – Law360

home-depot-wants-$50m-coverage-for-data-breach-suit-–-law360

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Law360 (April 8, 2021, 3: 59 PM EDT) — Home Depot slammed three insurers with an Ohio federal suit on Thursday, alleging they owe $50 million in coverage for the retailer’s settlement of a 2014 data breach suit that compromised the “security and safety” of millions of its customers’ payment cards.

The retailer said it can tap into primary and excess policies to reimburse banks for reissuing cards to affected customers in the data breach. Despite Steadfast Insurance Co., Zurich American Insurance Co. and Great American Assurance Co.’s denial, the inability to use the cards is covered, Home Depot said.

“Home Depot’s losses, including settlement payments, in connection with card…

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