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State Banking Groups Sue TJX for Breach-Related Losses
By Brian Orsak
printA lawsuit filed against TJX Cos. Tuesday by banks seeking to recoup data breach costs signals a change in tactics for financial institutions, which have long called for retailers and other companies to share the expenses associated with the loss of consumer data. Three state banker associations and individual banks are seeking tens of millions of dollars in damages related to a breach of Framingham, Mass.-based TJX's computers. TJX said in March that hackers accessed 45.7 million credit and debit card numbers and other customer data, the largest known breach of consumer information. Financial institutions, which bear the cost of...
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