Early last month, it was announced that Heartland Payment Systems ("Heartland") had negotiated a $60 million settlement with Visa to obtain releases of liability from financial institutions issuing Visa payment cards compromised by the Heartland Data Breach first announced in January 2009.
Heartland Payment Systems' Chairman and Chief Executive Officer Bob Carr has been elected to the 2010 Secure POS Vendor Alliance (SPVA) Board of Directors.
Financial institutions representing more than 97 percent of eligible Visa-branded credit and debit cards have accepted the Alternative Recovery Offers they received pursuant to the settlement entered into by Visa Inc. (NYSE:V), Heartland Payment Systems (NYSE: HPY) and Heartland's sponsoring acquirers last month.
In the wake of Heartland Payment Systems' data breach settlement with Visa, lawyers representing five financial institutions have filed a class action lawsuit against two acquiring banks, claiming they share responsibility for damages caused by the intrusion.
Heartland chief Robert Carr leads a Federal Reserve Bank of Philadelphia workshop examining data security in electronic payments processing and the lessons learned from last year's data breach.
Heartland Payment Systems will pay up to $60 million to issuers of Visa-branded credit and debit cards affected by the data breach suffered at the New Jersey-based payments processor in 2008.
Computer hacker Albert Gonzalez faces a minimum 17-year prison sentence after pleading guilty to a string of cyber-attacks on several firms - including Heartland Payment Systems - that resulted in the theft of tens of millions of payment card details.
Heartland Payment Systems has agreed to pay up to $2.4 million to settle a consumer cardholder class action suit for losses suffered following the criminal breach of its processing systems last year.
Heartland Payment Systems has agreed to a $3.6 million settlement with American Express relating to the criminal breach of the New jersey-based payments processor in 2008.
7-Eleven has signed a seven-year contract extension with Heartland Payment Systems (NYSE: HPY), one of the nation's largest payments processors.
© Finextra Research 2013