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.
Heartland has steadily declined to indicate the total numbers of accounts that were compromised in the breach, but a filing from the company in the litigation indicated that at least 86 million Visa cards were compromised, with an unknown number of cards from other brands. Media reports have carried estimates from Visa that the overall breach has cost its issuers at least $140 million.
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