Home Depot looks to settle with banks

ATLANTA ― As MasterCard tries to reach a settlement for its card issuers with Home Depot over the retailer’s 2014 hack, lawyers for the banks have intervened. On Friday firms representing large financial institutions in a class action against Home Depot called on their clients to turn down the settlement. “Home Depot has sought to convince financial institutions that issued MasterCard-branded payment cards to accept a ‘settlement’ that by all available indications offers inadequate reimbursement for the losses caused by its data breach,” the lawyers said in a statement. They argue that the banks should hold out for potentially higher wins, especially in light of their success last week with Target, which reached a $39 million class-action settlement with the banks.