Target settles with MasterCard for US$19 million
You can do this their way, or run the legal gauntlet yourself
US retailer Target's ongoing attempts to mop up after its colossal data breach have taken another step forward, after it settled with MasterCard.
The deal will see the retailer toss US$19m into a pot that MasterCard will use to make “alternative recovery offers … to eligible MasterCard issuers worldwide that issued MasterCard-branded payment cards claimed to have been affected by the data breach.”
MasterCard “will recommend that such eligible issuers accept their offers” rather than pursuing other options.
The deal's not entirely done: 90 per cent of cardholders and card issuers need to approve it before May 20th.
Target says it hopes stakeholders will accept the offer and that it “... intends to continue to defend itself vigorously against any assessments made by MasterCard on behalf of MasterCard issuers that do not accept their offers.”
Target's already made a US$10m offer to those whose card numbers were exposed by its infamous late 2013 breach. Banks and other card issuers still await their settlements. ®