AfterDawn: News

Target will settle with MasterCard for $19 million following 2013 security breach

Target has said today that it will pay $19 million to financial institutions that used MasterCard-branded cards that were compromised in the huge 2013 security breach in which over 40 million card numbers were stolen from the retailer.

The settlement number should help the banks to cover their costs of reissuing the cards for millions of clients.



Target will make the payment by the end of the Q2 as long as at least 90 percent of eligible financial institutions accept the offer by May 20th.

A separate negotiation is in the works for Visa-branded cards, and that figure is expected to be larger because there are more outstanding Visa cards.

Source:
Reuters

Written by: Andre Yoskowitz @ 16 Apr 2015 22:46

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• 2 comments

• hearme0

  Ooooohhhhhh......OUCH!
  
  Live and learn Target, live and learn.

  17.4.2015 17:10 #1

• DXR88

  Quote: the settlement number should help the banks to cover their costs of reissuing the cards for millions of clients.
  
  and what about the cost of reimbursing people that had there cards compromised.
  
  Oh that's right screw those guys, I keep forgetting in the United States a financial institution can loose billions of somebody else's money and not be held liable for the loss.
  

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  20.4.2015 01:55 #2