A federal court in Minnesota yesterday granted class action status to a lawsuit by financial institutions against Target over the retailer’s 2013 data breach. Institutions eligible for the class include all U.S. issuers of payment cards compromised in the breach. Class action status will allow plaintiffs to coordinate representation, discovery, witnesses and other court processes.
FinCEN to exempt U.S. companies from beneficial ownership reporting
FinCEN posted an interim final rule removing the requirement for U.S. companies and persons to report beneficial ownership information to the agency under the Corporate Transparency Act.