The TJX Cos. reached a settlement agreement last week with Visa USA Inc. and Visa Inc. in litigation that arose out of TJX's previously reported unauthorized computer intrusions, according to a statement from the company. Under the terms of the settlement, TJX will offer up to a maximum of $40.9 million pretax in alternative recovery payments to eligible Visa issuers of payment cards that were affected. The settlement is conditional on the acceptance of the offer by at least 80 percent of the eligible Visa payment card accounts.
Saks Inc. settled two lawsuits filed by former vendors over alleged markdown allowance issues, according to media reports. The cases were filed separately by International Design Concepts, a former Oscar de la Renta licensee, and Kleinert's Inc. Terms of the settlement were not announced, but in its most recent earnings report, Saks said it had third-quarter expenses of approximately $2.7 million associated with the vendor lawsuits and the Securities and Exchange Commission investigation that closed in September. IDC filed its initial lawsuit in 2005 for alleged fraud, among other charges related to the company's markdown policy.
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"