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Target will face a class-action lawsuit from banks over data breach

In a big milestone for banks hoping to make Target pay for a massive data breach, a judge on Tuesday certified a class-action lawsuit against the retailer. The judge ruled that the banks will now be able to pursue their lawsuit against Target as a group, which, as Reuters reports, makes a settlement more likely.

Last month, Target settled a case individually with financial institutions issuing Visa cards, although Reuters reports that it's unclear how many have already taken that settlement, and thus would not be qualified for a settlement from this lawsuit. Earlier this year, another settlement with Mastercard fell through.

A big payout in the lawsuit would only be the latest turn in a story that's been unfolding since the breach first happened in 2013. The hack affected 70 million Target customers, and ultimately brought down the company's CEO.