TJX Companies, banks settle suit over data breach

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The TJX Companies Inc. has entered into a settlement agreement with all but one of the seven banks and bankers as­sociations that sued TJX as a result of a data breach last year. 

The amount paid by TJX primarily re­imbursed the settling bankers associations and banks for a negotiated portion of the expenses they incurred in the case, exclud­ing attorney's fees, and is encompassed within the reserve previously taken in TJX's fiscal 2007 second quarter. 

The Massachusetts Bankers Associa­tion, Connecticut Bankers Association, Maine Association of Community Banks, Eagle Bank, Saugusbank and Collinsville Savings Society will dismiss all of their claims against TJX. In addition, TJX has denied any wrongdoing. 

The agreement follows the court's re­cent ruling denying the plaintiff's 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. 

TJX has “further strengthened our security and achieved full compliance with the Payment Card Industry Data Security Standards,” said Carol Mey­rowitz, president and CEO of The TJX Companies, in a statement. 

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