LAWSUITS NEWS & LEGAL INFORMATION
Consumer Data Security Breach
Boston, MA: (Apr-02-08) MasterCard International Inc. brought a lawsuit against TJX Cos. Inc., over the company's security breach in which customers' credit and debit card data was stolen from its computer systems. Sources stated that the Framingham, MA, based off-price retailer, which operates the T.J. Maxx, Marshalls and Home Goods stores, announced a settlement with MasterCard in which it agreed to fund up to a maximum of $24 million pre-tax in alternative recovery payments depending on the extent of acceptance. The company said that accepting issuers will be paid by May 2, 08. Company spokespersons claimed that TJX has already accounted for the costs of the settlement related to the data breach in a reserve it established during fiscal 2008.
Additionally, the company announced that as part of the settlement agreement, alternative recovery offers will be made by MasterCard to eligible MasterCard issuers worldwide that issued payment cards affected by the breach. Carol Meyrowitz, president and chief executive officer of TJX stated that the deal was a fair resolution for MasterCard and its issuing banks, and that TJX looks forward to a high level of issuer acceptance. [BOSTON BUSINESS JOURNAL: TJX ANNOUNCES SETTLEMENT WITH MASTERCARD OVER SECURITY BREACH]
Published on Apr-3-08
Additionally, the company announced that as part of the settlement agreement, alternative recovery offers will be made by MasterCard to eligible MasterCard issuers worldwide that issued payment cards affected by the breach. Carol Meyrowitz, president and chief executive officer of TJX stated that the deal was a fair resolution for MasterCard and its issuing banks, and that TJX looks forward to a high level of issuer acceptance. [
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