Home Depot Facing at Least 44 Lawsuits Related to Data Breach
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phillyskater/iStock Editorial/Thinkstock(NEW YORK) — Home Depot acknowledged in a filing to the Securities and Exchange Commission on Monday that it faces at least 44 civil lawsuits related to the data breach that put millions of customers’ personal information at risk earlier this year.
“We discovered a data breach in the third quarter of fiscal 2014 and are still in the process of determining the full extent of its impact and the impact of related government investigations and civil litigation on our results of operations, which could be material,” the company wrote in the filing.
The 44 lawsuits were filed in the U.S. and Canada, though the company acknowledged that additional claims “may be asserted on behalf of customers, payment card brands, payment card issuing banks, shareholders, or others seeking damages or other related relief.” In addition, the company still faces investigations by state and federal agencies.
The company is not clear on how the lawsuits and investigations will impact their finances.
In the filing, the company also notes that it has already enhanced encryption at all U.S. stores, and will do so at its Canadian stores by early 2015.
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