Target has proposed to pay $ 10million to settle a class-action lawsuit brought against the retailer following a massive data breach in 2013 . Individuals affected by the breach could get up to a maximum of $ 10,000 each , the proposal says . Details of as many as 40million credit and debit card accounts were exposed during the breach , which hurt its holiday sales that year . Scroll down for video . Target , based in Minneapolis , has proposed to pay $ 10million to settle a class-action lawsuit brought against it following a massive data breach in 2013 . The company has offered free credit monitoring for affected customers and overhauled its security systems . The proposed settlement would also require Minneapolis-based Target Corp. to appoint a chief information security officer , keep a written information security program and offer security training to its workers . It would be required to establish a procedure to monitor data security , and to respond swiftly to future breaches . 'We are pleased to see the process moving forward and look forward to its resolution , ' Target spokesman Molly Snyder said in an emailed statement . The company said in court documents filed in Minnesota that the funds for reimbursements will be kept in an interest-bearing escrow account . Claims will mostly be submitted and processed online , through a dedicated website . Target 's data breach in 2013 exposed details of as many as 40 million credit and debit card accounts and hurt its holiday sales that year . The chain has worked hard to lure back customers that were hesitant to shop there after the incident . Over the 2014 holiday season , Target offered free shipping on all items . It recently announced that it was cutting its minimum online purchase to qualify for free shipping in half to $ 25 . And on Wednesday the retailer said it will now allow returns for up to a year for its private and exclusive brands . Target 's bounce back from a turbulent stretch including the data breach and exit from Canada has been met with optimism on Wall Street . The retailer 's stock traded above $ 80 for the first time Monday . Earlier this month , Target said it would lay off about 1,700 people , eliminate another 1,400 unfilled positions and cut up to $ 2billion in costs . It will also focus more on technology to boost online sales growth . This will involve an investment of about $ 1billion , which will be aimed at beefing up business from shoppers who are more likely to shop online . A court hearing on the proposed settlement is set for Thursday in St. Paul , Minneapolis .
Target 's 2013 data breach contained details of up to 40million bank accounts . A court hearing on the proposed settlement is set for Thursday in St. com , Minneapolis . Earlier , the retailer estimated it would lay off about 1,700 employees . It has worked hard to bring back customers scared off by the breach . The retailer 's stock traded above $ 500 for the first time Monday .