After failing to come to terms with MasterCard on reimbursements to card issuers for its 2013 data breach, Target Corp. has reached an agreement with Visa issuers.
The cost of the reimbursement could run as high as $67 million, the Wall Street Journal reported, a figure not disclosed by either Target or Visa.
An earlier $19 million settlement with MasterCard banks required approval of at least 90 percent of the banks holding affected MasterCard accounts and wasn’t approved.
The holiday breach, which compromised credit and debit card information on more than 40 million cards and resulted in the theft of information from up to 110 million customers, also contributed to the ouster of former chief executive officer Gregg Steinhafel last May. As of the beginning of the current fiscal year, Target has spent $162 million in expenses related to the breach.
Saying the agreement “attempts to put this event behind us,” Visa said it “has worked to help Target reach a resolution for the expenses incurred as a result of the 2013 compromise.”
Target said the agreement required that a subset of Visa card issuers entered into settlements with Visa and the retailer. The Minneapolis-based retail didn’t immediately respond to requests for initial comment.