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."
Harrods plans to remove the famous statue of Princess Diana and Dodi Al Fayed from the bottom of the Egyptian escalators and hand it back to Mohamed Al-Fayed. “We are very proud to have played our role in celebrating the lives of Diana, Princess of Wales and Dodi Al Fayed at Harrods and to have welcomed people from around the world to visit the memorial for the past 20 years,” said Michael Ward, Harrods managing director. “With the announcement of the new official memorial statue to Diana, Princess of Wales at Kensington Palace, we feel that the time is right to return this memorial to Mr. Al Fayed and for the public to be invited to pay their respects at the palace.” More on the news, with reporting by @loreleimarfil, at WWD.com. #wwdnews
@prada is introducing a new project at its men’s fall 2018 show this Sunday: “Prada Invites.” The fashion house invited four celebrated creative minds – @ronanaerwanbouroullec, Konstantin Grcic, @herzogdemeuron and @rem.koolhaas – to each create a unique item with its iconic nylon material. The designs will be unveiled on the runway show, which will take place at the company’s warehouse in Viale Ortles 25. #wwdfashion #mfwm (📷: @martinocarrera)
@kering_official is spinning off its stake in puma in an effort to focus on its luxury brands, the brand operator announced yesterday. “We are proud to have supported the turnaround of Puma, which now has unrivaled capabilities to take full advantage of the specific dynamics of its global markets and is poised to achieve substantial growth,” said François-Henri Pinault, Kering’s chief executive officer and chairman. Artémis will become a “long-term strategic shareholder” of Puma with a 29 percent stake. #wwdnews #wwdfashion (📷: @jilliansollazzo)
The fashion world mourns for celebrated street style photographer, Nabile Quenum, who died at age 32 in Paris.
Quenum, creator of the fashion blog “J’ai Perdu Ma Veste,” was a fashion week fixture, and regularly shot for New York magazine’s The Cut, among other outlets, and brands such as Louis Vuitton, Moncler and Adidas. He was also actively involved in the #NoFreePhotos initiative, which kicked off in the fall. Read more about Quenum in @kbsmoke's story on WWD.com. #wwdnews
@verwanggang and @maisonladuree have teamed up on a dessert collab called Vera Wang Pour Ladurée. The collection, which launched this week, features a specialty macaroon, as well as a wedding cake inspired by one of the designer’s gowns. “I could not imagine a more delicate or sophisticated creation to grace any couple’s celebration,” said Wang. #wwdfashion