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TJX, Fifth Third Bancorp Settle With Visa Over Data Breach Costs
By Brian Orsak
printTJX Cos. said Friday that it had reached a settlement with Visa Inc. and Fifth Third Bancorp over the retailer's 2006 data breach, the largest known in the U.S. Under the agreement, Framingham, Mass.-based TJX will provide as much as $40.9 million in pretax funds to compensate U.S. Visa issuers for the cost of reporting the breach and replacing credit and debit cards exposed to hackers. Between 45.7 million and 100 million consumer records were exposed in the breach of TJX's computer systems. Fifth Third Bancorp, which processed transactions for TJX, will pay the settlement to Visa, according to a...
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