Target agrees to pay $19 million to MasterCard issuers over data breach
http://supermarketnews.com/retail-financial/target-agrees-pay-19-million-mastercard-issuers-over-data-breach
More than a year after Target Corp.s massive data breach, the retailer announced a settlement agreement with MasterCard to compensate card issuers for operational costs and fraud-related losses.
Target has agreed to pay up to $19 million to banks and credit unions that issue MasterCard-branded cards that were impacted by the 2013 data breach.
We believe this settlement provides our issuers a reasonable resolution of the Target data breach event, said Eileen Simon, MasterCards chief franchise integrity officer, in a press release. The timely reimbursement of costs and losses under the agreement delivers MasterCard issuers a faster and more certain resolution to the event, while reinforcing our commitment to maintain the integrity of industry security standards.