NEW YORK (TheStreet) -- Target (TGT) shares are declining, down 0.3% to $72.84 in trading on Wednesday, after a judge ruled that the retailer will have to face civil suits over the company's handling of a data breach that allowed hackers to steal millions of customers' account data from the retailer last year.
The company had petitioned the court to block claims by five banks who came together to sue the retailer on behalf of the financial institutions who claimed that the data breach cost them tens of millions of dollars in damages due to the retailer's negligence.
Watch the video below for more on the suit against Target:
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Over 40 million credit cards were exposed in the cyber attack along with up to 110 million customer email addresses and phone numbers, affecting shoppers who frequented the store between November 27 and December 15, 2013.
Judge Paul Magnuson ruled that the plaintiffs were within their rights to sue because Target had not put into place security measures sufficient to stop the cyber attack. "Although third-party hackers' activity caused harm, Target played a key role in allowing the harm to occur," the judge said.
TheStreet Ratings team rates TARGET CORP as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation: