Heartland Payment Systems, the source of what some analysts have called the largest card data security breach in history, has made an agreement with VISA Inc. under which some Visa issuers will be eligible for compensation for losses suffered because of the breach.
Heartland was the target of a coordinated criminal hacking attack for months in 2008 and made that fact public in January 2009. The firm has since been the subject of litigation stemming from the breach.
A joint announcement from both companies said the settlement will need participation from 80% of eligible Visa issuers in order to come into effect and will include mutual releases of liability from the participants.
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