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Law Firms Urge Credit Unions to Reject Heartland Breach Settlement

Three law firms representing credit unions and other card issuers with litigation pending against Heartland Payment Systems are urging card issuers to reconsider signing on to the offer.

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Three law firms representing credit unions and other card issuers with litigation pending against Heartland Payment Systems are urging card issuers to reconsider signing on to the offer.

Heartland negotiated a settlement offer for issuers with Visa Inc. and jointly announced it with the card brand on Jan. 14. The settlement would have issuers affected by the firm’s 2008 card data security breach divide up $60 million for their losses. At least 80% of issuers that had losses have to participate in the settlement in order for it to go forward. Credit unions and other issuers have until Jan. 29 to indicate whether or not they will participate.

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