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TJX Offers To Pay MasterCard Banks As Much As $24 Million For Breach Costs

Written by Evan Schuman
April 2nd, 2008

TJX will pay as much as $24 million to cover databreach losses suffered by MasterCard banks, assuming 90 percent of the banks agree to the settlement offer, TJX and MasterCard announced on Wednesday. TJX last year announced the world’s worst payment data breach, which impacted some 100 million cards.

Participants “must agree not to seek or participate in any other recoveries that may be available to issuers and must also release MasterCard, TJX and TJX’s acquirers from all legal and financial liability associated with the TJX data breach, ” a joint statement said. Those banks have 30 days to whether to accept the offer.

Posted in IT Strategy/Industry, Mobile/Wireless/Contactless, Payment Systems, Security/Fraud
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