Target Wants Bank Claims Thrown Out a Year After Data Breach

Five banks are suing Target Corporation (TGT) for costs incurred stemming from the retailer's epic data breach last year, involving 40 million credit card accounts.
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Five banks are suing Target Corporation (TGT) for costs incurred stemming from the retailer's epic data breach last year, involving 40 million credit card accounts. Target is asking a federal judge to dismiss the case, saying it had no duty to look out for the interests of the banks, as they were simply middle men. The lenders say they shelled out at least $5 million on issuing new credit cards after the breach, reimbursing consumers and grappling with lost revenues as the altercation caused people to use their cards less frequently. Shares of Target are trading up about a quarter of a percent, at $71.35 per share. The stock has jumped 12.8% since the start of the year. TheStreet's Scott Gamm reports from New York.