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."
“Azzedine has been one of the biggest influences in my life. He has always been such a strong, loving, fatherly figure to me. I call him Papa. His designs are indescribably unique, they are pieces of art. He knew how to make the female form look its loveliest. I have so many memories of him; my favorite might be during my first show with him in Paris. He liked me and he wanted to help me get more work. He called all his friends at Kenzo and Comme des Garcons, and asked them to book me. They said, ‘But she can’t walk!’ And he said, ‘but she has such a great ass!' His friendship and support has been the great privilege of my career. I can't imagine life without him. Repose en paix mon Papa.” - @stephanieseymour tells @wwd. #wwdfashion (📷: @steveeichner) #alaia #azzedinealaia
Azzedine Alaïa, flanked by two of his closest friends, models Stephanie Seymour and Naomi Campbell.
He designed Seymour’s dress for her 1995 wedding to Peter Brant, and treated Campbell (who famously called him Papa), like a daughter. For more on the legendary designer, tap the link in bio. #wwdfashion #alaia #azzedinealaia
Azzedine Alaïa's “I-did-it-my-way” ethos stood out starkly at a time when brands are experimenting with consumer-facing fashion shows, coed formats and trans-seasonal collections – anything to perk up lackluster sales of ready-to-wear in an age of Insta-everything. “It’s not creation anymore. This becomes a purely industrial approach,” the late designer told WWD in an interview last year. “But anyway, the rhythm of collections is so stupid. It’s unsustainable. There are too many collections.” Read more about the iconic designer’s life and work on wwd.com, link in bio. #wwdfashion #azzedinealaia (📷: @WWD Archive, 1986) #alaia
Sneaker reselling app @goat’s latest exhibit, "The Greatest: New York," tells the story of New York's sneaker culture. To celebrate the exhibit, an intimate crowd gathered on Thursday night at the pop-up gallery space, located at Platform in Culver City, to hear guest speaker and illustrator @esymai talk about her own rise in streetwear and women in the business. "For me I'm just someone who is creative. I like to create things," said Chang. #wwdfashion
Azzedine Alaïa, one of the most iconic couturiers of the modern era whose body-con designs defined Eighties fashion, has died in Paris. The diminutive Tunisian-born designer, known for his structured knitted dresses with fitted waists and impeccably cut, figure-hugging second skin silhouettes was deeply admired by his peers, and counted supermodel Naomi Campbell - his adoptive daughter - among his inner circle, one of a gang of glamazons including Farida Khelfa, Carla Bruni and Stephanie Seymour who became ambassadors of his style. (📷: Alexandre Guirkinger) #wwdblast