Law360 (November 15, 2019, 9:22 PM EST) -- Target Corp. sued units of Chubb Ltd. in federal court Friday for allegedly denying coverage for claims brought by banks whose customers were affected by the massive 2013 data breach against the store, saying the replacement of compromised credit cards triggers policy coverage for tangible property.
Target says that after millions of customers’ credit card data and personal contact information was stolen in the breach, the store reached settlements with banks and major credit card issuers totaling $138 million, at least $74 million of which was for the costs associated with the banks replacing compromised credit cards.
Target alleges that its...
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