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Target to book $148M in 2Q related to data breach expenses.

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Target announced in a press release yesterday that the company will book $148 million in expenses in its second quarter results stemming from last year's massive data breach:

During fourth quarter 2013, Target experienced a data breach in which an intruder gained unauthorized access to its network and stole certain payment card and other guest information. In second quarter 2014, the Company expects to record gross breach-related expenses of $148 million, partially offset by the recognition of a $38 million insurance receivable. Expenses for the quarter include an increase to the accrual for estimated probable losses for what the Company believes to be the vast majority of actual and potential breach-related claims, including claims by payment card networks.


Link.


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