SAN FRANCISCO — Eager to put the largest retail card security breach in history behind itself and the industry, TJX Companies has put forward a plan that will allow credit unions and other card issuers to receive compensation more quickly for damages they've suffered.
Under the terms of the deal, the retailer–the parent corporation for TJ Maxx, Marshalls and other retail chains in the U.S., Canada and the United Kingdom, along with its acquiring bank–will put up to $40.9 million to fund the payments for the breach, more details of which have only recently come to light (see story on page 26).
The agreement will require that more than 80% of card issuers that suffered damage as a result of the breach agree to accept the payment agreement in order for it to be finalized. Accepting payment will mean releasing TJX and its acquiring bank from liability and future claims. It will also allow credit unions to receive at least partial compensation for their losses without long legal battles.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
- Exclusive discounts on ALM and CU Times events.
- Access to other award-winning ALM websites including Law.com and GlobeSt.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
