Target Reaches Data Breach Deal with MasterCard (April 16, 2015)
Target will pay $19 million to MasterCard issuers to cover costs stemming from the retail giant’s 2013 data breach. Under a settlement reached this week, Target will reimburse bank issuers who had to replace 40 million MasterCard-branded payment cards following the data breach. The settlement is contingent upon approval by issuers representing at least 90 percent of eligible account holders by May 20. Visa remains in negotiations with Target on a deal to reimburse its issuing banks. In March, Target agreed to a $10 million settlement in a class action lawsuit brought by consumers.