TJX pays $525,000 to settle hacking-related suit

TJX pays $525,000 to settle hacking-related suit

Retailer TJX has agreed to pay $525,000 to settle a putative class action suit from several banks related to the massive security breach at its operations that resulted in the theft of millions of credit and debit card numbers.

The money - which comes out of the reserve put aside by TJX for breach-related costs in 2007 - will primarily reimburse the settling banks for some of their expenses.

AmeriFirst Bank, HarborOne Credit Union, SELCO Community Credit Union and Trustco Bank, the remaining financial institutions that sought to join the suit, agreed to drop all claims. TJX denied all wrongdoing.

Since revealing in January 2007 that hackers had stolen more than 45 million credit and debit card numbers from its computer system, TJX has paid out huge amounts in settlements.

In June the retailer agreed to pay around $9.75 million as part of a settlement with a group of 41 state attorneys general. It has also reached a $40.9 million settlement with Visa and a $24 million deal with MasterCard over the breach.

Last week it emerged that Albert Gonzalez, the computer hacker accused of masterminding the TJX breach, has agreed to plead guilty to the offence and attacks on several other retailers.

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