TJX has agreed to pay $525,000 to settle a putative class action suit related to an intrusion into the retailer’s computer system that led to the theft of millions of credit-card numbers in 2005 and 2006. The money will reimburse the banks involved in the suit for part of their expenses. The banks had said they suffered damages from reissuance costs, monitoring expenses or fraud loss, said the Wall Street Journal. The parent of the TJ Maxx and Marshalls retail chains didn’t admit any wrongdoing. TJX set aside the funds in the second quarter of 2007. In November 2007, TJX entered into a separate settlement with Visa under which the retail company agreed to pay as much as $40.9 million for losses incurred by banks. Financial institutions representing more than 95 percent of eligible U.S. Visa accounts potentially affected by the data heist accepted the settlement.
TJX Will Pay Banks $525,000 to Settle Hacking Suit
The money will reimburse the banks involved in the suit for part of their expenses. The banks had said they suffered damages from reissuance costs, monitoring expenses or fraud loss.
September 3, 2009