TJX Companies, banks settle suit over data breach

Share this article:

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. 

Share this article:
You must be a registered member of Direct Marketing News to post a comment.

Sign up to our newsletters

Follow us on Twitter @dmnews

Latest Jobs:

Featured Listings

More in Data/Analytics

Epicor to Acquire Analytics Provider QuantiSense

Epicor to Acquire Analytics Provider QuantiSense

Retail solutions provider seeks to up its data analytics game for large and midsized retailers.

One Third of Companies Fail to Measure Data Quality ROI

One Third of Companies Fail to Measure Data ...

Twenty percent of companies assume their data quality tools pay off, while another 10% doesn't monitor ROI at all.

Ensighten and Anametrix Unite in an Open Relationship

Ensighten and Anametrix Unite in an Open Relationship

Ensighten's purchase of the analytics company is about giving ultimate ownership of data to marketers, says CEO Josh Manion.