Wednesday, May 14, 2008

Banks Agree to $24M TJX Breach Settlement With Mastercard

An AP newswire article, via The Boston Globe, reports that:

TJX Cos. has won support from Mastercard-issuing banks for a settlement that will pay them as much as $24 million to cover costs from a massive data breach.
more stories like this

The discount retailer said Wednesday it has won support from financial institutions representing more than 99 percent of MasterCard accounts affected in the breach worldwide. The settlement announced April 2 required at least 90 percent support to take effect.

A similar agreement reached in November with Visa-card issuing banks also was overwhelmingly approved. That agreement set aside as much as $40.9 million to help banks cover costs including replacing customers payment cards and covering fraudulent charges.

More here.

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