Minneapolis, MN: Visa Inc, and Target Corp have reached a $67 million settlement potentially ending a lawsuit which stemmed from the massive 2013 Target data breach. According to the terms of the settlement, Minneapolis-based Target will pay up to $67 million to cover the costs that Visa issuers of Visa cards incurred as a result of the data breach. This settlement is in excess of three times the $19 million negotiated between Target and Mastercard Inc: that settlement was rejected by other card issuers and banks as being too low.
Some 40 million Target customers had their credit card information hacked in 2013 as a result of the data breach which occurred during a three-week period in November and December 2013. Shortly following the breach, Target customers asked banks and other issuers of credit cards for replacements. Then, in 2014, the credit card companies, consumers and banks filed lawsuits against Target for compensation for their losses as a result of hacking.
