Fergie's Tech Blog

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.
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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.

posted by Fergie @ 5/14/2008 05:48:00 PM