Target's $19 million proposed settlement with MasterCard failed to receive the required 90% participation rate from issuers, meaning the settlement will not happen, according to an announcement from MasterCard and one of the attorneys representing five card issuers fighting the settlement.

In its April 15 announcement of the settlement, Target noted the money would only be paid out if at least 90% of eligible issuers accepted the offer by May 20, 2015. The proposed settlement was in response to a data breach in late 2013 involving millions of credit and debit cards, as well as personal information of Target customers.

But according to communications sent Thursday from MasterCard to a major financial services provider and obtained by CU Times, that threshold wasn't met. The exact percentage was not disclosed.

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