Target Agrees To Pay Visa $67M Over 2013 Data Breach
The Wall Street Journal reports that both Target and Visa have confirmed the deal but won’t specify the amount. The $67 million figure is attributed to “people familiar with the situation.”
In the wake of the massive hack, which went on for weeks before being detected in late 2013, card issuers say they spent hundreds of millions of dollars issuing replacement cards and dealing with fraudulent charges tied to the breach.
In addition to Target agreeing to reimburse issuers the maximum amount that’s spell out in Visa’s terms, the Journal reports that the retailer is also offering to reimburse the banks for any fraud that stemmed from certain debit-card transactions — if the banks involved promise to not sue.
The affected banks will have to approve the Visa/Target deal. MasterCard-issuing banks recently rejected a $19 million settlement with Target, but the Journal says that the Visa deal already has the support of its largest card issuers.
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