November 30, 2007
TJX Settles With Visa For $40M
By Matthew L. Brown
The TJX Cos. of Framingham said it had reached a $40.9 million settlement with Visa USA Inc. and Visa Inc. for payments to those affected by the last winter's TJ Maxx credit card breach.
In order for the settlement to go into effect, 80 percent of Visa issuers have to accept the payment plan set out in the settlement by Dec. 19. Once agreed upon, TJX will pay Visa issuers Dec. 27, and those issuers agree not to pursue litigation related to the breach against TJX.
Last winter, the private credit card information of millions of TJ Maxx customers was stolen from TJX computers. The company was faulted for keeping customer data too long.
TJX operates discount retailers including TJ Maxx, Marshalls, HomeGoods and others.
In order for the settlement to go into effect, 80 percent of Visa issuers have to accept the payment plan set out in the settlement by Dec. 19. Once agreed upon, TJX will pay Visa issuers Dec. 27, and those issuers agree not to pursue litigation related to the breach against TJX.
Last winter, the private credit card information of millions of TJ Maxx customers was stolen from TJX computers. The company was faulted for keeping customer data too long.
TJX operates discount retailers including TJ Maxx, Marshalls, HomeGoods and others.
WBJ Web Partners
Most Recent
0 Comments