August 24, 2016
Target Reaches $67 Million Settlement with Visa Issuers over Breach
Aug. 20, 2015
While massive data security breaches occurred before and since , the intrusion at Target—uncovered in December 2013 exposing more than 100 million records—brought heightened sensitivity to network security and focused attention on all subsequent breaches, large and small. On Tuesday, Target agreed to pay Visa issuing banks $67 million, according to a Bloomberg News report. Target confirmed the existence of an agreement in a statement saying only that the company was “pleased we have reached a settlement,” but has not publicly disclosed the amount.
The company had previously negotiated a $19 million agreement with MasterCard issuers, but that settlement was rejected by the banks. According to the published reports, the two sides continue to seek an agreement.
Despite any lingering effects of the breach, Target reported higher-than-expected quarterly profits yesterday and raised its full-year earnings expectations for the second time this year.