US: TJX settles with banks over hacking
The TJX Companies have reached a US$525,000 settlement with four banks linked to the hacking into the company's computer system during 2005 and 2006.
This latest deal follows earlier payments by the cut-price retailer: $40.9m to Visa, agreed in 2007; $24m to MasterCard, agreed in 2008; and $9.75m to 41 US states, made in June this year.
TJX said the latest settlement primarily reimbursed the banks for a portion of their expenses incurred in pursuing the putative class action against the retailer.
The banks include AmeriFirst Bank, HarborOne Credit Union, SELCO Community Credit Union and Trustco Bank.
All have agreed to release all of their claims against TJX, the company said, and TJX had denied all wrongdoing.
The settlement relates to the intrusion into TJX's computer system during 2005 and 2006, during which millions of customers' credit card numbers were stolen.
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