The three bankers associations - in Massachusetts, Connecticut and Maine - represent nearly 300 banks. They say more associations and individual banks are expected to join the list from across the country as the case progresses.

Banks across the nation were forced to re-issue debit cards as a result of the TJX data breach, and continue to receive lists of 'hot' cards more than three months after the retailer first disclosed it had a problem. The costs to banks of dealing with the fall-out are estimated at up to $25 per compromised card.

Daniel Forte, president and CEO of the Massachusetts Banking Association (MBA) says the plaintiffs are not ready to discuss the full extent of the bank losses because the damage is still being done. "Suffice to say," he adds, "We will be seeking to recover damages in the tens of millions of dollars."

The MBA’s Forte says he is confident the suit will achieve success even though lawsuits brought by other banks as a result of a similar breach by BJ’s Wholesale Club several years ago have had mixed results.

"We will seek to prove that TJX is responsible for negligent misrepresentation," says Forte. "Among other things, the company represented that it was safeguarding and disposing of cardholder data. These representations were not true and showed a lack of reasonable care and were both unfair trade practices and negligent misrepresentation under Massachusetts law."

Lindsey Pinkham, senior vice president of the Connecticut Bankers Association, speaks for many banks when she says: "Retail data breaches are getting larger and more frequent and we cannot continue to absorb the costs."

Adds Forte: "If we’re successful against TJX, the nation’s major retailers will finally wake up to the fact that not protecting consumer data is an unfair trade practice and that investment in data management systems to protect consumers and shield consumers against fraud and identity theft is required."