40 million payment card records and 70 million other records were stolen during the holiday shopping season last year.
Two banks that had earlier sued Target and credit card firm Trustwave over data breach have retreated from their allegations.
According to court filings, Trustmark New York-based National Bank, and Houston-based Green Bank agreed to drop their lawsuits ‘without prejudice to re-filing’.
Both the financial institutions have alleged the retailer of failing to secure customer information, which led to the stealing of about 40 million payment card records and 70 million other records during the holiday shopping season last year.
Trustwave chief executive Robert McCullen said that the company was recently named as a defendant in lawsuits relating to the data security breach that affected Target stores in late 2013.
"In response to these legal filings, Trustwave would like to reassure our customers and business partners that these claims against
Trustwave are without merit, and that we look forward to vigorously defending ourselves in court against these baseless allegations," McCullen said.
"Contrary to the misstated allegations in the plaintiffs’ complaints, Target did not outsource its data security or IT obligations to Trustwave.
"Trustwave did not monitor Target’s network, nor did Trustwave process cardholder data for Target.
Green Bank and Trustmark also lodged a complaint that they have already paid out $200m in replacing compromised payment cards and sought unspecified compensatory and statutory damages.