A year after a major security breach, TJX Cos. Inc. said Thursday that banks representing more than 95 percent of eligible U.S. Visa credit card accounts that may have been compromised had accepted a settlement that the mass retailer said will cost more than $40 million.
The company said in March that information from 45.7 million credit and debit cards had been stolen by hackers during the period from July 2005 to December 2006.
Earlier this week, TJX said it reached a settlement agreement with Visa U.S.A. Inc., Visa Inc. and TJX's U.S. acquiring bank, conditional to an 80 percent acceptance rate.
In a statement Thursday, Carol Meyrowitz, president and chief executive officer of TJX Cos., described the settlement as a "cooperative effort" with Visa.
TJX said it agreed to "fund up to $40.9 million in alternative recovery payments. These costs are already reflected in the charge related to the computer intrusion(s) that TJX took in its fiscal 2008 second quarter....The financial institutions that accepted this alternative recovery offer will receive their payments by Dec. 27, 2007. Each accepting issuer has waived certain rights to any other recovery through litigation or otherwise and provided certain releases of TJX and its U.S. acquiring banks."
On Tuesday, TJX Cos. said it entered into the settlement agreement "with all but one of the seven banks and bankers associations that sued TJX in a putative class action as a result of the intrusion(s) into TJX's computer system."
The banks who signed on were: the Massachusetts Bankers Association, Connecticut Bankers Association and Maine Association of Community Banks, "along with Eagle Bank, Saugusbank and Collinsville Savings Society."
The retailer said in a statement that it "has denied all wrongdoing. The agreement follows the court's recent ruling denying the plaintiffs' motion to represent a class of banks in this action. That ruling is subject to a pending motion for reconsideration and a possible appeal by the non-settling plaintiff bank."
Assouline is paying homage to the late Azzedine Alaïa with a reprint of "Alaïa Livre de Collection.” The book is comprised of photographs of the designer's summer 1992 runway show with models Christy Turlington Burns, Naomi Campbell and Tyra Banks, pictured here at right. #wwdfashion #alaia #tyrabanks
Fall 2018 accessories take on a painterly hue, with Nebulas Blue among Pantone’s top 10 colors of the season. (📸: @jonghyupstudio ; editor: @twallz21 ; stylist and set designer: @haideefindlaylevin ) #wwdaccessories
@americanapparelusa is relaunching the brand outside of the U.S. today, opening its online store to more than 200 countries. The company is also contemplating a return to brick-and-mortar, though details have not been confirmed. In tandem with the expanded distribution is a recasting of a social media ad campagn, called “Back to Basics,” pictured here, with a focus on diversity and a cast of models above the age of 21. Read more on WWD.com #wwdnews #wwdfashion
Exclusive: @britneyspears is continuing to expand her brand. The pop icon, who appears in @kenzo ’s latest campaign, is partnering with Epic Rights to launch a line of branded merchandise. Read @hernameislex ‘s story, link in bio. #wwdnews #britneyspears
The Duchess of Cambridge channeled Princess Diana’s look upon giving birth to Prince Harry, when she and the Duke of Cambridge departed the hospital with the new baby Prince this afternoon in London. #wwdeye #princeofcambridge
The new Prince of Cambridge has arrived! The Duke and Duchess of Cambridge posed with the 8-pound newborn. She wore a look from one of her go-to designers, @jennypackham. Tap link in bio for more. #wwdeye #princeofcambridge
Jewelry label @alisonlou has made a name for itself with fine jewelry that speaks to the Millennial market. Now @twallz21 reports that the label is bringing those playful ideas to a new affordable line of lucite hoops with the launch of Loucite by Alison Lou. Here’s a look from the line modeled by @emrata. #wwdaccessories
@sarahjessicaparker and @gilt are teaming up on a bridal ready-to-wear line. Tomorrow, Parker will launch SJP by Sarah Jessica Parker Bridal — and as part of the launch, Gilt will offer 15 exclusive styles from the SJP by Sarah Jessica Parker footwear collection that were designed to complement the new line. Made out of 10 styles, the line is designed for a variety of occasions, from bridal showers to receptions. Get more details on WWD.com #wwdfashion