In the July 2014 issues of The Review of Banking & Financial Services, DWT payments team members Burt Braverman and Micah Ratner wrote about the truncation requirement of FACTA, which has spawned a wave of class action litigation with potentially ruinous damages for “willful” violations. The authors describe the court rulings in these cases at the pleading stage, at class certification, and at summary judgment. They also review state truncation laws, card network rules, and the PCI DSS. They close with suggested steps for businesses to take to reduce the potential for future FACTA lawsuits and mitigate damage awards in the event of such litigation.
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