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Wed Apr 22, 2015, 06:51 AM

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, MasterCard’s 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.”

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