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Apr 2, 2008 4:03 pm US/Eastern
TJX To Pay Up To $24M In Data Breach Settlement
BOSTON (AP) ―
Discount retailer TJX Cos. could pay as much as $24 million in a settlement with MasterCard International Inc. over a massive breach of customers' card data.
The agreement announced Wednesday hinges on banks that issue MasterCards agreeing to participate. Framingham-based TJX says issuers of at least 90 percent of eligible MasterCards must accept by May 2 for the settlement to take effect.
The $24 million would help MasterCard issuers recover breach-related expenses including costs to replace customers' payment cards. A similar $41 million deal was reached in December with Visa.
The settlements follow a breach involving at least 45 million card numbers belonging to customers of TJX-owned stores including T.J. Maxx and Marshalls.
(For more information, visit www.tjx.com or here for settlement details)
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