BROCKTON, Mass. — The $1.4 billion HarborOne Credit Union has billed TJX Maxx, the parent company of a number of different retail chains which suffered an extensive card data security breach for $590,000 in costs associated with its losses during that breach.
Although the company has yet to respond, HarborOne CEO James Blake said the CU had wanted to give the company the chance to do the right thing.
"There are a number of different industry class action lawsuits out there at the moment," Blake said. "We haven't made a decision about them yet. We wanted to let TJ Maxx stand up an be accountable for their actions even though it does not look like they will."
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The CU arrived at the $590,000 figure by counting what its costs to close and reissue the 9,000 debit cards that were compromised in the breach ($90,000) and what Blake said its "reputation" costs would be from the incident ($500,000). Blake said the CU arrived at that number by calculating how much marketing costs it would take to get a member to open a new card account.
"Every ones of these incidents costs us in the eyes of our members," Blake said.
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