FRAMINGHAM, Mass. — The TJX Companies, the parent corporation for a number of different retail chains in the United States, Canada, and the United Kingdom, announced yesterday that it is going forward with its settlement offer to credit and debit card issuers who were damaged in the company's previous card data breaches.
The breaches, which had gone on for months but only came to light in December 2006, cost credit unions and CUNA Mutual, as well as other card issuers, tens of millions of dollars in damages.
Earlier in December, TJX and its merchant processor, Fifth Third Bank, put $41 million in an offer to settle at least some of the card issuers' damages. Financial institutions had only ten days to make a decision about whether to take the offer and agree not to press any more damage claims, but TJX reported that 95% of the financial institutions affected by the breach decided to accept the agreement.
Recommended For You
"Working with Visa in this cooperative effort has allowed us to reach this outcome swiftly and effectively. This accord with Visa is an example of how merchants and payment card companies can work together, which ultimately benefits consumers," Carol Meyrowitz, CEO of TJX said.
© 2025 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.
