TJX to pay up to $24 million
-
- April
- 2
Retailer TJX Companies Inc. agreed to pay up to $24 million to settle claims made by MasterCard issuers related to hackers breaching the retailer’s computer system in 2006.
Under the settlement, banks that issued MasterCard-branded cards can recover costs and losses they claimed to have incurred in connection with the breach, according to MasterCard.
TJX, the parent company of the T.J. Maxx and Marshalls chains, said last year that credit-card and debit-card information for at least 46 million customers may have been affected by the breach. Information was stolen from transactions made between January 2003 and June 28, 2004.
“This agreement reflects MasterCard’s continuing commitment to working with merchants and our customers to reach appropriate and fair resolutions of data breach events,” Joshua Peirez, chief payment system integrity officer for Purchase-based MasterCard, said in a written statement.
Card issuers must have previously filed claims and agree to the settlement terms to be eligible for compensation, according to MasterCard. The settlement is contingent upon approval by at least 90 percent of the banks that issued the cards.
“We believe this settlement agreement provides a fair resolution for MasterCard and its issuing banks and look forward to a high level of issuer acceptance,” Carol Meyrowitz, president and chief executive officer of TJX, said in a written statement. “Beyond the many millions of dollars we have spent to add significant security to our computer system, we are installing security measures which exceed those of many other retailers and current industry requirements.”
This entry was posted
on Wednesday, April 2nd, 2008 at 3:06 pm by Jay Loomis.
You can follow any responses to this entry through the RSS 2.0 feed.
Share and Enjoy: 
| 
Print
| 
Email
