TJX offers Visa banks £20m to settle data breach claims


TJX offers Visa banks £20m to settle data breach claims

Antony Savvas

The TJX group has offered Visa card-issuing banks a total of £20m to settle claims for compensation resulting from the world's biggest data breach.

Visa has recommended the settlement offer. But it remains to be seen whether the banks will see it as acceptable for having to deal with customer complaints, account changes, and the issuing of new cards following the data breach at the discount clothes chain, which came to light at the beginning of the year.

The estimate for the amount of people affected by the breach ranges between 46 million and 100 million worldwide, with the banks offering the top figure as part of their legal claims.

The Visa settlement offer is dependant on banks representing 80% of the accounts potentially breached accepting it.

TJX is also in the process of settling with Mastercard over the breach.

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