More than 40 lawsuits have been filed against Home Depot, as a result of the massive data breach the home improvement retailer experienced earlier this fall and that's causing some financial fallout. According to a report in the Los Angeles Times:
Home Depot said the litigation and the investigations may distract management and affect how it runs its business. It also could lead to additional costs and fines. But those expenses aren't clear yet because the cases are in early stages, the company said in a quarterly filing with the Securities and Exchange Commission.
The company said after announcing third-quarter earnings this month that it anticipates a fourth-quarter breach-related expense of about $27 million, but only about $6 million after insurance. Home Depot has a $100-million insurance policy for breach-related expenses. That comes with a $7.5-million deductible.
The Atlanta-based retailer disclosed the months-long breach of data in September.
Read More and find out what you need to know if you're a Home Depot customer here.