Lawsuits from angry consumers and card issuers are not the only legal worries Heartland Payment Systems faces in the wake of its 2008 card security breach.
The company, whose breach might have been the largest in history, also faces investigations from four federal agencies, several state attorney general's and one Canadian government agency, according to the company's most recent filing before the Securities and Exchange Commission.
As of March 13, according to the filing, Heartland faces 16 suits from consumers and/or consumer groups and four from card issuers for a total of 20. The firm's officers are also being sued.
Recommended For You
Contrary to previous statements from Heartland's CEO, the company also reported that it has lost merchant clients but declined to attribute the loss to the breach.
"During 2008, 2007, and 2006, we experienced average annual attrition of 17.3%, 12.6%, and 11.1% respectively of our SME bank card processing volume. Much of our attrition is related to business closures, which accelerated in 2008 due to weak economic conditions," the company said in its filing.
© 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.
