Target has announced that it has entered into a settlement with Visa to resolve claims of issuers of Visa credit and debit cards arising from Target's November 2013 data breach. The proposed settlement will pay issuers of Visa payment cards up to $67 million to reimburse losses associated with the theft of card numbers from Target POS terminals. Unlike an earlier proposed $19 million settlement with MasterCard, the Visa settlement does not require card issuer approval. The MasterCard settlement agreement terminated in May 2015 for failure to gain the required approval of issuers of 90% or more of the affected cards. Additional details of this settlement will follow as they become available.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
