Andre Yoskowitz
16 Apr 2015 22:46
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